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The broadcaster has said that it would cut annual spend on acquired programming by 20% over the next five years, which could potentially hit its ratings. Some of its biggest ratings winners have been US imports, such as 'Ugly Betty', 'Sex and the City' and 'Friends'.

It plans to shift budgets towards home-grown programming, with an emphasis on developing new talent, and the cut in acquired programming will free up £35m a year for original UK content, it said.

It is also launching the Four Innovation for the Public, or 4IP, a collaboration between Channel 4 and other partners, working on initiatives such as re-inventing news and current affairs for a social networking audience, and showing Olympic sports content that is usually unavailable. It will be investing £50m in this public service digital media service.

Andy Duncan, Channel 4 chief executive, along with Luke Johnson, Channel 4 chairman, and Kevin Lygo, director of television and content, laid out the "Next on 4" blueprint for Channel 4's future this morning, after what they said was the biggest review in the channel's 25-year history.

Initiatives include New Talent Month, which will take place this August and features someone getting their first break on television every day -- anything from a script by a new writer, a first performance by a new comedian, to a new reporter on Channel 4 News.

It is committing to screening at least one new documentary every weekday, and will appoint a commissioning editor for multicultural programmes, with a ring-fenced budget for 9pm to 10pm.

At the same time, Channel 4 renewed its call for a greater share of public funding, the often talked about grab for a slice of the BBC's dwindling licence fee.

Johnson said: "New public support must be delivered in a form that gives Channel 4 long-term financial stability and preserves its independence from editorial interference.

"This is the moment for absolutely clarity -- we believe Channel 4's ability to invest in greater creative risk would not survive a transfer into private ownership, which is why the board unanimously rejects the option of privatisation. It is Channel 4's independence, from shareholders as much from government, that permits its distinctiveness."