Edit: as others have pointed out, ITV is not publicly owned, but Channel 4 (and obviously BBC) are.
No, no, no. Only the BBC is 'publicly owned' (e: ok and channel 4 is although commercial- the point was definitely not ITV). They do have some regulatory requirements, though.
[1] http://en.wikipedia.org/wiki/Channel_Four_Television_Corpora...
Yes BBC is fully public corporation of it's own unique type (Corporation by Royal Charter - I think). Largely license fee funded with the rest coming from its commercial arm selling content (mostly overseas) and also books, magazines and back catalogue content in the UK.
Channel 4 is a normal company but government owned. Funded by ad revenue.
ITV is mostly ad funded and fully commercial. It used to be a group of regional companies (a bit like US affiliates) but they have all merged to one big company.
"June 28, 1984: President Ronald Reagan signs 'The Cable Communications Act' into law. During his first term in office, President Ronald Reagan approved "The Cable Communications Act," groundbreaking legislation that, among other things, lifted time restrictions on television advertisements. The stage was now set for the long-form infomercial."
http://news.yahoo.com/crazy-tv-products-evolution-infomercia...
The BBC has just done its own deal for the next few Olympics with the IOC.