Channel 4 is believed to outbid rivals Five, Disney, Sit-Up TV and Top-Up TV for the additional space on National Grid Wireless' multiplex D. ITV pulled out of the race earlier this month.
Initially, Channel 4 will use the slot to launch a timeshift of recently launched adult entertainment channel More4, but it is expected to replace it with a new multichannel offering, possibly rounding up Channel 4's US imports, some time next year.
Andy Duncan, Channel 4 chief executive, said: "Capacity on Freeview is a scarce commodity and this deal allows us to accommodate our full current line-up of free channels on the platform and to keep our options open for further channel launches in the future.
"We're very confident that this investment will pay off with an increasingly strong showing for our channels in the digital TV homes."
The slot was made available by transmission company Crown Castle, now called National Grid Wireless, after additional broadcast capacity was added to the free-to-air digital service.
A slot on Freeview when it launched in October 2002 was originally worth £1m, but because space is limited and digital terrestrial TV take-up has soared, the price has increased.
Channel 4 and ITV were understood to have paid in the region of £5m each for the slots that carry More4 and ITV4 respectively.
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