LONDON 

The British government will proceed with controversial plans to sell Channel 4, the public broadcaster announced Monday.

The sale is scheduled to take place before the next general election in 2024 and the government hopes to raise over £1 billion ($1.3 billion).

Channel 4 said in a statement that it was "disappointed" by the decision.

"Channel 4 has engaged in good faith with the government throughout the consultation process, demonstrating how it can continue to commission much-loved programmes from the independent sector across the UK that represent and celebrate every aspect of British life as well as increase its contribution to society, while maintaining ownership by the public," said a spokesperson for the broadcaster.

The government says the privatization is the best solution to secure the channel’s future because public ownership is holding it back and that privatization will allow it the freedom to innovate.

They are also hoping to spend the funds raised from the privatization into upgrading cultural skills and independent production across Britain.

Channel 4 will remain a public service broadcaster after the privatization, meaning it will still be required to broadcast primetime news.

The broadcaster was founded in 1982 with a remit to produce shows appealing to younger and diverse audiences as well as broadcast alternative views. Over 90% of its revenue is generated from advertising.

The emergence of Netflix and other streaming services have put huge pressure on Channel 4 and other public broadcasters, however.

The privatization is controversial not only due to Channel 4’s long history but also because critics have alleged that it is linked to the Conservative government’s apparent dislike of the channel’s sometimes feisty coverage.