Channel 4 has announced plans to cut 200 jobs as part of a major restructuring aimed at reducing costs and focusing on digital services. The job losses, combined with the closure of about 40 unfilled posts, represent an 18% reduction in the broadcaster's workforce.
Chief executive Alex Mahon expressed regret over the redundancies, stating: 'I am very sad that some of our excellent colleagues will lose their jobs. But the reality of the rapid downshift in the economy and advertising market demand we must change structurally.'
The publicly owned but commercially funded broadcaster, which relies heavily on advertising revenue, aims to increase its digital revenue share from 27% to over 50% by 2030. The cuts come amid what Mahon described as the worst advertising downturn since 2008, with the company expecting losses over the next two years.
As part of the restructuring, Channel 4 will close its current headquarters on Horseferry Road and find new office space in central London. The broadcaster reiterated its commitment to moving 600 roles out of London by 2025, putting pressure on London-based staff.
Channel 4 has already reduced its programming budget from £713m and axed shows including SAS: Who Dares Wins, The Big Narstie Show and Steph's Packed Lunch. The new strategy promises a 'ruthless focus on cut-through, with fewer, stronger new titles that generate more scale and impact.'
