A television network majority-owned by David Montgomery, the media entrepreneur, is to snap up the licence to operate a London-focused TV station from Lord Lebedev, owner of the capital’s weekly Standard newspaper.
Sky News has learnt that Local TV Ltd, which was acquired by Mr Montgomery in 2017, is close to announcing a deal to buy the London licence from London Live.
Lord Lebedev was said last month to be exploring a sale of the London Live station he launched in 2014, with The Sunday Times reporting that it had lost more than £20m since it was established.
One media industry source said the deal would take Local TV’s share of the locally broadcast television market to roughly 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 households.
While owned by Mr Montgomery, Local TV is run by Lesley Mackenzie, its chief executive.
Mr Montgomery, the former Mirror Group Newspapers executive, has also been involved in the auction of The Daily Telegraph, having tabled an offer for the right-leaning newspaper last year.
He was reported this weekend to have met Todd Boehly, the Chelsea Football Club co-owner, about collaborating on a bid.
Tim Kirkman, the London Live managing director, declined to comment when reached by Sky News on Sunday afternoon, while Local TV could not be reached for comment.