A television channel majority-owned by media entrepreneur David Montgomery will buy from Lord Lebedev, owner of the capital’s weekly Standard, the operating license for a television channel centered in London.
Sky News has learned that Local TV Ltd, which was acquired by Mr Montgomery in 2017, is set to announce a deal to buy the London license for London Live.
Lord Lebedev was last month reportedly considering a sale of the London Live station he launched in 2014, with the Sunday Times reporting it had lost more than £20 million since its inception.
A media industry source said the deal would increase Local TV’s share of the local television market to around 60%.
It already has channels focused on locations including Birmingham, Leeds and Cardiff.
The company’s eight existing channels are broadcast to more than five million UK homes.
Although owned by Mr Montgomery, Local TV is run by Lesley Mackenzie, its general manager.
Mr Montgomery, the former Mirror Group Newspapers executive, also took part in the Daily Telegraph auction, having submitted a bid for the right-wing newspaper last year.
He reportedly met with Chelsea Football Club co-owner Todd Boehly this weekend about working together on a bid.
Tim Kirkman, managing director of London Live, declined to comment when contacted by Sky News on Sunday afternoon, while Local TV could not be contacted for comment.