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London Live, the London TV channel launched by Evgeny Lebedev’s media company, has reduced its losses to £6 million (€8.3m) and is now targeting breakeven in 2017.
The TV business, which has gone through a major restructuring and content shift, is understood to have made an operating loss of about £6m in the year to the end of September.
The channel, which is thought to have made about £3 million in revenues in the year to the end of September. The channel, which Lebedev originally pledged to back with £15 million over three years, is aiming to reduce losses to just £3 million in the year to the end of September 2016. The forecast is to double revenues to about £6 million next year.
If the business can achieve the targets, it is on track to reach breakeven by the end of its financial year in September 2017.
ESTV (Evening Standard TV) is also targeting the London channel slot for BBC3 if it becomes an online-only channel. Taking over the slot will greatly improve its positioning on Virgin’s cable TV platform in particular, with a jump from slot 159 to 106