Channel 4 has won the television advertising sales business of Paramount, owner of Channel 5, taking it away from Sky in a deal worth more than £300m. The move is a significant boost for Channel 4, which depends on advertising for around 90% of its £1bn revenue, and comes just days after the broadcaster announced 340 job cuts as part of a major headcount reduction. It marks the first time advertising for the two public service broadcasters, Channel 4 and Channel 5, has been sold together, and could also strengthen Channel 4's position as Sky pursues regulatory approval for its £1.6bn takeover of ITV's TV and streaming arm.

Under the agreement, Channel 4 takes over ad sales for Channel 5 plus associated brands including MTV, Comedy Central and Nickelodeon, though it excludes Paramount+ and Pluto TV. Channel 4 chief executive Priya Dogra called it a "groundbreaking collaboration", while Channel 5 president Reemah Sakaan described it as "a historic partnership". The deal follows Sky Media's discovery two years ago of revenue miscalculations affecting partners since 2017, with Paramount and Channel 5 the worst hit; Sky has so far paid Paramount £98m in reimbursements, though the total shortfall is estimated at around £300m.