Last week also saw the publication of C4's Statement of Programme Policy for 2006. The document, prepared to substantiate its public service broadcasting credentials, was sprinkled with worthy programmes, and some less worthy. Apparently, C4 considers Grand Designs and Supernanny as PSB programmes.
Curiously, there was no highlighting of last week's Penis Week, a series devoted to the attainment of perfection in the male member, surely a public service of the highest order. Nor was there any mention of C4's most popular show, Big Brother.
Clearly C4 now accepts that what was originally intended as a "social experiment", but which has degenerated into the freak show that BB (and its celebrity offshoot) has now become, while hugely entertaining, cannot constitute a public service. Rather, it is the primary cash cow - BB is estimated to account for £50m of C4's circa £750m ad revenue - that funds C4's PSB obligations.
The definition of those obligations is somewhat woolly. Ofcom says C4 is the UK's second most important PSB channel after the BBC, and is charged with providing alternative, distinctive and innovative fare. In return, C4 pays no broadcasting licence fee and is run as a not-for-profit business.
Yet it is actively encouraged to compete aggressively in the commercial market, a challenge, which aided by the Contract Rights Renewal mechanism, it has taken up with relish. Given its remit, the only criticism that can be levelled at C4 is that it is too successful.
But that success now raises important issues for Ofcom. CRR was intended to curb ITV's capacity, post-merger, to beat up advertisers by exploiting its dominant position. Yet many TV buyers are now ruefully reflecting on whether CRR has effectively created a second "big beast", which has even more negotiating muscle.
And C4's commercial rivals complain that its new revenue largesse is being disproportionately spent on imported popular drama series and films, competing directly for audiences. Meanwhile, C4 predicts it will have a funding deficit of £100m by 2009 and is seeking a slice of the Licence Fee.
Ofcom has much to address in its review of C4's funding later this year.
Colin Grimshaw is the deputy editor of Media Week.