Does Channel Television even exist as an entity any more? Now that they've been taken over by ITV PLC are they technically just an ITV News region now? They seem intent on holding onto the 'Channel Television' name and are still even showing Oscar Puffin. It just seems oddly out of place for an ITV News region to still do a kids afternoon show. Really i don't know why they don't just make it for CITV, it would fit in really well.
It's retained for legal reasons - Channel handle compliance of ITV shows so if anything goes seriously tits up it's Channel, not ITV, who get it in the neck.
That was historically the case, and why ITV plc specifically didn't own Channel TV. However after the phone vote scandals of a few years back, Ofcom changed the way fines work ISTR, which meant that having Channel TV be responsible for compliance of indies no longer made any financial difference. So there was no need for Channel to be separate, so ITV plc bought it.