Will Channel 4 bounce back again as it hits its 40th anniversary?

Countdown was the first show to appear on Channel 4 in 1982, featuring Carol Vorderman and Richard Whiteley. Photograph: Channel 4

When some of the biggest names in British media gather at the Victoria and Albert Museum in London to celebrate Channel 4’s 40th anniversary on Wednesday night, the hot topic of conversation will be whether it has once again triumphed in the latest battle to sell off the publicly owned broadcaster.

“The reading of the tea leaves on the status of the proposed media bill seems to be that it could be dead,” said one senior TV executive likely to attend the soiree. “If that’s the case then Channel 4 survives again.”