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U.K. Channel 5 moves forward

The chances of Britain’s fifth TV web getting off the ground increased significantly Friday, when the sole bidder for the license confirmed that 70% of its financing is now in place.

The Independent Television Commission had given Thames TV until Friday to come up with the bulk of the cash for its bid, submitted under the name Channel 5 Holdings.

Details of the financing were not available at press time. Thames was originally hoping only to take a 15% stake itself, in order to retain its legal status as an “independent” producer under British TV law, but was willing to double its holding if necessary.

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