CHANNEL 4 broke even last year despite the worst advertising slump in its 28-year history.
A £53.4m record profit from digital media and budget cuts have helped to fuel the figures.
Channel 4 has cut spending on programmes by more than £50m – from £598.6m in 2008 to £548.3m last year.
It made a £61.6m loss on its core channel, offset by its digital media success and £3m from its online on demand service.
Chief executive David Abraham said: "It's credit to everyone working here that Channel 4 has come through such a sharp downturn with our share of advertising revenues and ratings and our cash reserves intact and that we’ve continued to deliver creative excellence despite having significantly less money to spend on content."