The Great British Bake Off: Channel 4 reportedly offered £75 million for hit show

The world of British television has erupted into chaos at news the BBC's The Great British Bake Off will be moving to Channel 4.

Chaos for good reason; the baking competition was the UK's most-watched programme of 2015, inevitably making it an intensely lucrative property for now and the future, though makers Love Productions keeps insisting it "has never been about who might write the biggest cheque".

Though original reports seemed to estimate the three-year contract could be worth as much as £25 million, The Mirror is now claiming Channel 4 offered £75 million for the show, though without guaranteeing the involvement of Mary Berry, Paul Hollywood, Sue Perkins, or Mel Geidroyc.

A Channel 4 spokesperson has stated, "As you’d expect, we’re not able to disclose details of the deal." The move reportedly comes after a year of negotiations between the BBC and Love Productions, in which the station refused to meet demands for each slot's £200,000 fee to be quadrupled.

Controversy surrounding the deal continues to bubble, with many ex-contestants taking to social media to share their reactions to the news.

The current series of The Great British Bake Off airs every Wednesday on BBC One.