London Live asks for bailout from owner Evgeny Lebedev as TV channel slips to £3.5m loss

 
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The TV channel said a "highly challenging market" had lead to the station posting a £3.5m loss (Source: Getty)

Capital TV station London Live has asked its owner for extra cash to stay afloat after it reported a pre-tax loss of £3.5m for the year up to September 2017.

Despite the loss, revenues went up by 13 per cent, and audience growth moved London Live to being the 14th largest TV channel in London, up from 17th.

London Live's owner ESTV said that after making an operating loss it would "require further funding to continue in operational existence, about which there is uncertainty".

The channel has an average of 182,000 viewers a day, taking up around 0.3 per cent of the market.

The station is owned by media mogul Evgeny Lebedev, who also presides over newspapers The Independent and The Evening Standard, which last month fell to a £10m loss.

City A.M. last month reported that Lebedev was looking to offload loss making London Live, which was first launched by the Russian businessman in 2014.

Read more: Evening Standard owner Lebedev in talks to sell loss-making TV channel

A spokesperson for London Live said:

London Live's television business has continued to grow its turnover and has reduced its losses by 17 per cent in a highly challenging market for local TV broadcasters.

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