C4 is the majority shareholder, with 55% of the multiplex business. The other shareholders are BSkyB, UBC Media, UTV, The Carphone Warehouse and Bauer Media.
On 10 October, C4 canned its plans for three radio stations - Channel 4 Radio, Pure 4 and E4 Radio. However, it could remain a shareholder of the multiplex to reap profits from being a landlord or taking equity in any future deal with Global Radio's Digital One.
A source close to the board said: "There has been a series of conference calls and letters between the other shareholders and C4 over the past 10 days. Nathalie Schwarz, (4DG's chairman) has yet to decide what she wants to do. C4 might stay on as a majority shareholder and try to profit from others' endeavours, which other board members think is outrageous."
A C4 spokesman said: "No definitive decisions have been made about the multiplex and we are in dialogue with all our 4DG partners about the best way forward."