Channel 4 had launched on 2 November 1982, originally it built on the ITV network for its funding, whereby the ITV companies sold Channel 4's airtime. This arrangement ended on 31 December 1992, after which a 'funding formula' continued, whereby the ITV companies would subsidise Channel 4 if it fell into the red. However, it never did, and the funding formula was withdrawn in 1998. During this 16-year period, Channel 4 and ITV would regularly cross-promote each other's programming, free of charge.