THE CITY CHANNEL has said it is in talks to secure further investment in the company amid a major ‘structural review’ – but has denied reports that it was to suspend its operations or cease broadcasting.

In a statement this evening, chief executive David Harvey insisted that the broadcaster’s three channels – in Dublin, Galway and the south – would remain on air as the company “examined a number of options for the business and its future”.

“We have been in discussion with a number of parties with a view to their considering an investment,” Harvey said. “These talks are ongoing.”

“These are difficult times for all media businesses and despite the fact that our company has made significant savings to its cost base and has continued to develop new revenue streams, the continuing recession has meant that we are constantly fighting for a small share of an ever decreasing advertising and sponsorship market.”

An international media company Liberty Global – which owns UPC – bought a 35 per cent stake in the channel in 2007, hoping to extend its franchise elsewhere in Europe.

In 2008 the company was granted a licence allowing it to set up a four channel, intended to be called City 7, aimed at the Eastern European population in Dublin, but plans for its launch have been delayed indefinitely.

It had earlier been incorrectly reported that the company had ceased operations.