The move comes after glamorous Bollywood actress Shilpa Shetty suffered alleged racist bullying on the reality television show, sparking condemnation from around the world.
The so-called "Bullywood" row drew in top politicians in Britain and India, while Ofcom, Britain's media regulator, is reviewing the channel's funding after receiving its biggest number of complaints.
London Mayor Ken Livingstone attacked programme makers for "deliberately" broadcasting racist comments.
Channel 4 wants a slice of the publicly-funded television licence fee -- viewers currently pay 131.50 pounds (260 dollars, 200 euros) per year for BBC services.
The money would pay for the switchover from analogue to digital broadcasting, which will take place gradually from November 2007 up to 2012.
Meanwhile the row over "Celebrity Big Brother" continued to burn.
One of Shetty's three alleged tormentors, glamour model Danielle Lloyd, has met police for a three-hour discussion about the race row, her spokeswoman said.
A second, former S Club singer Jo O'Meara, issued a lengthy public statement saying she was "shattered and totally devastated" by the show's fallout but insisted she was not asking for pity.