Channel 4 wins Paramount's £300m-plus TV ad sales business from Sky

Channel 4 has won the television advertising sales business of Paramount, the owner of Channel 5, taking the contract worth more than £300m away from Sky, according to the Guardian.

The Guardian, citing an exclusive report, described the move as a significant boost for Channel 4, coming just days after the broadcaster announced plans to cut 340 jobs.

Channel 4 relies on advertising for about 90% of its roughly £1bn in annual revenues, according to the report, underlining the importance of the new business win to the broadcaster's finances.

The deal means Channel 4 will take over responsibility for selling advertising space for Paramount's Channel 5, a contract previously held by Sky.

The Guardian did not provide further detail in the excerpt on the length of the new agreement or when it is due to take effect.