Sky News has reported that Local TV Ltd, a broadcasting company owned by media entrepreneur David Montgomery, is close to buying the London licence from Lord Lebedev’s company
Russian-born businessman and media mogul, Lord Evgeny Lebedev, is said to be in discussions about selling the licence for his London TV station, London Live, to another network.
Sky News has reported that Local TV Ltd, a broadcasting company owned by media entrepreneur David Montgomery, is close to buying the London licence from Lord Lebedev’s company. Mr Montgomery, a former executive of the Mirror Group which operates the Daily Mirror, already owns eight regional channels through Local TV, including those covering Birmingham, Leeds and Cardiff, reaching over five million homes or approximately 18% of all UK television households. .
Lord Lebedev also owns the Standard newspaper, previously known as the Evening Standard. Reports emerged in December that he was considering selling the London Live station, which first hit the airwaves in 2014.
The Sunday Times revealed that the network had suffered losses exceeding £20m since its inception. London Live was launched as part of an initiative to boost local television, spearheaded by then-culture secretary Jeremy Hunt.
According to Companies House accounts for London Live’s company, ESTV, the network experienced losses of £33 million between 2013 and 2019. Although it began turning a profit, recent reports suggest the network has been facing losses in recent years. Both London Live and Local TV have been contacted for comment.