The regulatory regime for Channel 5 includes, in every case where it is provided by a body corporate—
a condition requiring the licence holder to give OFCOM advance notification of any proposals known to the body that may give rise to a relevant change of control; and
a condition requiring the licence holder to provide OFCOM, in such manner and at such times as they may reasonably require, with such information as they consider necessary for the purposes of exercising their functions under this section and section 354.
OFCOM must carry out a review where—
they receive notification, in accordance with a condition of the licence to provide Channel 5, of proposals that may give rise to a relevant change of control; or
a relevant change of control takes place (whether or not that change has been previously notified to OFCOM).
The review shall be a review of the effects or likely effects, in relation to the matters mentioned in subsections (4) and (5), of—
the change to which the proposals may give rise; or
the change that has taken place.
The matters mentioned in this subsection are—
the extent to which time available for broadcasting programmes included in Channel 5 is allocated to programmes of each of the following descriptions—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
news programmes; and
current affairs programmes;
the extent to which the qualifying audiovisual content made available by the provider of Channel 5 includes a range of original productions and the duration (in total) of those productions;
the extent to which news programmes, current affairs programmes and original productions that are included in that Channel are broadcast at peak viewing times.
The matters mentioned in this subsection are—
the extent to which the qualifying audiovisual content made in the United Kingdom that is made available by the provider of Channel 5 includes a range of programmes made outside the M25 area and the duration (in total) of those programmes;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the extent to which the expenditure of the provider of Channel 5 on programmes made in the United Kingdom is referable to programme production at different production centres outside the M25 area;
the range of different such production centres to which that expenditure is referable.
Where OFCOM carry out a review under subsection (2), they must publish a report of that review—
setting out their conclusions; and
specifying any steps which they propose to take under section 354.
In this section—
Expressions used in this section and in Part 1 of Schedule 2 to the 1990 Act (restrictions on licence holders) have the same meanings in this section as in that Part.