'Too many' S4C investments 'risky'

S4C's commercial arm lost millions after Loteri Cymru collapsed

Some of S4C's commercial investments should have been suspended at an earlier stage, the television channel's chairman has admitted.

Huw Jones told a committee of MPs "too many new investments" had been made in such ventures.

He said the aim was to make additional profit for the channel, but insisted public cash had "not been at risk".

The Welsh language broadcaster lost more than £3m following the collapse of Loteri Cymru.

Mr Jones also confirmed the channel has written off an investment in Social Media Company Blurrt Media.

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S4C's commercial arm took a 22% stake in the company in 2014, but in evidence to MPs the channel did not reveal how much money was invested

It has now restructured its commercial arm, including appointing chief executive Owen Evans to chair the board of the body, known as SDML.

Mr Jones said investments were made in "risky ventures" when the channel's public funds were facing "considerable reductions".

Huw Jones stressed "taxpayers money has not been at risk here"

Appearing before the Welsh Affairs Select Committee on Tuesday, Mr Jones told MPs: "Looking at how things progressed I think too many different investments were made.

"There were too many investments made in areas which S4C did not have direct knowledge of but which came to the board, came to the commercial board apparently well backed up by the information provided by the proposers and by the commercial officers which S4C itself employed.

"I think, at the end of the day, in respect of some of these companies it would've been wiser if the investments had, if you like, been made dormant earlier."

He insisted that it was not "unreasonable" to back a company until a point that "too much was being asked".

Mr Jones added: "Taxpayers money has not been at risk here. The processes which Owen has put in place will make it more likely that risks will not be run for quite as long as some of these have been."