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Channel 4 2012 record new programmes spend Channel 4 reports record spending on new programmes
(35 minutes later)
Channel 4 dipped into its huge cash reserves to spend a record amount on new programming last year, the not-for-profit broadcaster said. Channel 4 dipped into its huge cash reserves to spend a record amount last year on programmes such as the Paralympic Games, the channel said.
In its annual report, the channel said it spent £434m on new content in 2012, out of a total content spend of £608m. In its annual report, the broadcaster said it spent £434m on new content in 2012.
It used 10% of its £290m cash pile to help pay for the programmes, which included its Bafta-winning coverage of the London Paralympic Games. It used 10% of its £290m cash pile to help pay for the programmes, and ran a deficit of £27m for the year.
That meant the channel ran a deficit of £27m for the year. Despite its Paralympic success, Channel 4's share of UK television viewing fell slightly to 11.5%.
Revenues from advertising - Channel 4's main source of income - remained broadly unchanged at £844m for the year, but overall revenues fell slightly from £941m in 2011 to £925m.Revenues from advertising - Channel 4's main source of income - remained broadly unchanged at £844m for the year, but overall revenues fell slightly from £941m in 2011 to £925m.
Its share of television viewing remained stable at 11.5%.
Channel 4's chief executive, David Abraham, said using some of its cash reserves was a long-term decision, and was possible because the broadcaster was in surplus in 2010 and 2011.Channel 4's chief executive, David Abraham, said using some of its cash reserves was a long-term decision, and was possible because the broadcaster was in surplus in 2010 and 2011.
"Deploying part of our cash surplus, built up across 2010 and 2011, our strategy focused on investments in the organisation's long-term future whilst ensuring that we maximised spend on UK content," he said."Deploying part of our cash surplus, built up across 2010 and 2011, our strategy focused on investments in the organisation's long-term future whilst ensuring that we maximised spend on UK content," he said.
"We entered 2013 debt-free with cash reserves of £261m and will look to repeat this strategy of investing in innovation over the course of 2013.""We entered 2013 debt-free with cash reserves of £261m and will look to repeat this strategy of investing in innovation over the course of 2013."