Lord Evgeny Lebedev is seeking potential buyers for his struggling London television station after a decade of significant financial losses. The broadcaster, London Live, which made history as the capital’s pioneering dedicated TV channel in 2014, has accumulated losses exceeding £20 million since its inception.
The station’s managing director, Tim Kirkman, communicated to staff via email last week, revealing that London Live is actively “considering options to sell or merge the business with other TV channels where a combined entity can be more effective.” The announcement has sparked concerns among employees about potential job cuts, as the company aims to restructure its operations to achieve cost savings.
Launched as part of a nationwide “local TV” initiative spearheaded by former culture secretary Jeremy Hunt, London Live initially employed 50 editorial staff members, supported by existing personnel from Lebedev’s Evening Standard and Independent newspapers. However, the channel has struggled to maintain viewership, particularly as audiences continue to migrate away from traditional linear television.
Financial records filed at Companies House reveal ESTV, London Live’s parent company, accumulated losses of £33 million between 2013 and 2019. While the company briefly achieved profitability, recent communications indicate it has begun incurring operating losses over the past two years. The latest accounts show the organisation’s workforce has been reduced to 22 employees as of 2023.
The channel faced controversy during the Covid-19 pandemic when it received an Ofcom reprimand for broadcasting an extended interview with David Icke, who promoted unfounded theories linking coronavirus to 5G mobile networks. Lord Lebedev, who received his peerage from former Prime Minister Boris Johnson, now faces the challenge of securing a buyer in an increasingly competitive media landscape.
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