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Former Channel 4 chief executive Michael Grade says the broadcaster has "shot itself very seriously in the foot" by outbidding the Â鶹Éç for The Great British Bake Off. Lord Grade, who has also been both chairman of the Â鶹Éç, says Channel 4 has undermined its argument against being privatised by poaching its rival's hit. (Photo: Bake Off team. Credit: Andy Devonshire)