Evgeny Lebedev, owner of London Live, is reportedly in talks to sell the station.
According to a report in The Guardian, Lebedev is in discussions with That’s Media, which owns licences to 20 local TV stations, including Manchester, Cambridge and Oxford.
The channel has struggled since its launch five years ago, and according to the paper is currently running with losses of £30 million to date.
A spokesperson for London Live said: “Local television is a fast-evolving sector and, as a significant player in the largest UK market, we receive approaches for the business all the time. We don’t discuss private business matters publicly, so wouldn’t comment on any specific discussions.”