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Unlike other broadcasters, it doesn't make its own shows - they are all made by independent production companies. Any profits go back into programme-making.
However, the government says that because TV advertising revenues are declining (along with traditional TV viewing) and programme budgets are rising, Channel 4 is being held back from competing with other TV services.
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The independent producers who make programmes for Channel 4 can make money when shows are sold to streaming services, or to broadcasters in other countries.
A privatised Channel 4 could make more money from those rights, and also make programmes itself. What's more, it could earn money by making shows for other broadcasters around the world - as BBC Studios and ITV Studios do.
Channel 4 would also be free of the current legal limits on how much money it can borrow.
"There are constraints that come with public ownership, and a new owner could bring access and benefits, including access to capital, to strategic partnerships and to the international markets," the government said when it launched a consultation into the move last July.
"Private investment would mean more content, and more jobs."