Russian-born businessman Lord Evgeny Lebedev is reportedly in talks to sell the licence for his London TV station to another network.
Lord Lebedev’s company London Live was close to selling the London licence to Local TV Ltd, Sky News reported.
Local TV is a broadcasting company owned by media entrepreneur David Montgomery.
Mr Montgomery is a former executive of the Mirror Group, which operates the Daily Mirror.
Local TV already runs eight regional channels, including those covering Birmingham, Leeds and Cardiff.
It says it broadcasts to more than five million homes, or about 18% of all UK television households.
Lord Lebedev also owns the Standard newspaper, the weekly London title formerly called the Evening Standard.
It was reported in December that he was exploring the sale of the London Live station, which was launched in 2014.
The Sunday Times newspaper reported that the network had lost more than £20 million since it was set up.
London Live was launched as part of an initiative aimed at promoting local television, launched by then-culture secretary Jeremy Hunt.
Companies House accounts for London Live’s company, ESTV, show losses of £33 million between 2013 and 2019.
It then started turning a profit, but the network has been incurring losses in recent years, according to reports.
London Live and Local TV have been approached for comment.