By Jonathan Easton

Former Channel 4 CEO Lord Michael Grade is reportedly planning a takeover bid of the broadcaster.

ITV is also being touted as a potential bidder for Channel 4 as the government continues its formal review into potentially privatising the Great British Bake-Off broadcaster.

According to The Times, Grade, who currently serves as chairman of the Marc Boyan-owned Miroma and who ran Channel 4 between 1988-1997, has emerged as a takeover candidate.

Grade last month told a House of Lords committee: “The time to change the nature of Channel 4 is now, before it falls over, before it succumbs to the inevitable decline.” The former exec is also advising ministers on the future of public service broadcasting as part of a panel.

ITV meanwhile is expected to be a front runner if the government does decide on a sale. The Times notes that bankers from Credit Suisse and Robey Warshaw are understood to be advising ITV on its potential options.

Other potential bidders for Channel 4 include at least one US private equity firm, along with Comcast-owned Sky and Channel 4, which is owned by ViacomCBS.

Any potential buyer should expect to pay close to £500 million(US$687.6million) to takeover Channel 4.