By John McCarthy

Sheffield Live TV, a regional broadcaster, has reached fundraising targets after selling channel shares to over 100 local individuals.

The channel, now owned by the newly formed community benefit society, Sheffield Community Media Ltd, raised £160,000 through community shares and social investment commitments – outdoing its target by over £10,000.

The crowdfunding scheme is the first of its kind in the UK media sector, allowing the people of Sheffield, its businesses and voluntary organisations to invest and support the channel.

The 100 share purchases, between £100 and £20,000, will buy filming equipment and studio facilities with full public access for independent production projects.

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Source: The Drum