The Community Channel needed to raise £300,000 by the end of July to stay on the airwaves. It announced its plans to become community owned on June 1st, offering members of the public, including film makers, charities, media partners as well as its 10m viewers, the opportunity to own a stake in the channel by investing in community shares through crowdfunding platform Crowdfunder.
It announced on 19th July that it has beaten its target to raise £390,000. Around 300 organisations and individuals backed the campaign, with significant support coming from backers such as broadcaster Sky, the Big Lottery Fund and Barrow Cadbury Trust.
Caroline Diehl, CEO and founder of Media Trust, which oversees Community Channel, said:
“I’d like to personally thank all those who backed the Channel in its hour of need. Hitting our original £300,000 target and then an extra £90,000 demonstrates the confidence people have in the Community Channel as a force for good for society. We hope this massive vote of confidence will encourage further financial backing as we look to secure the long term future of the Channel.”
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