Sheffield Live TV, a regional broadcaster, has reached fundraising targets after selling channel shares to over 100 local individuals.
The channel, now owned by the newly formed community benefit society, Sheffield Community Media Ltd, raised £160,000 through community shares and social investment commitments – outdoing its target by over £10,000.
The crowdfunding scheme is the first of its kind in the UK media sector, allowing the people of Sheffield, its businesses and voluntary organisations to invest and support the channel.
The 100 share purchases, between £100 and £20,000, will buy filming equipment and studio facilities with full public access for independent production projects.
Steve Buckley, chair of the channel and a director of Sheffield Community Media, said: “We are delighted that so many Sheffield people and organisations have shown their support for Sheffield Live TV and community-owned media by applying for community shares.
“We'd like to thank them for their support and we look forward to their involvement in the channel. We are in the final phase of our planning to launch Sheffield Live TV which will be locally owned and run for community benefit.”
Buckley added: “We aim to develop a multimedia news service and to deliver original, locally-made programming, reflecting the interests and talent of Sheffield people and communities.”
The channel will broadcast on Freeview channel eight, Virgin Cable, and the internet, from 23 September.
This comes after the first local TV broadcaster launched as part of Jeremy Hunt’s scheme, Birmingham City TV, last week entered administration after failing to air a single broadcast on the channel.