gone 4ever
Channel 4 cuts string of terrestrial channels, axes 200 jobs and closes London office in major ‘fast-forward’ shake-up
The station has been hard hit by falling ad revenues in recent years
CHANNEL 4 has announced huge cuts to terrestrial TV as it axes 200 jobs and shuts down its London office.
The broadcaster has announced a brand new five-year plan as it focuses on streaming, in a pull away from traditional television.
4
4
Bosses have confirmed the cost-cutting measures will result in approximately 200 jobs being culled.
Its HQ on Horseferry Road in London will be sold as they seek to find smaller office space in the capital.
The plans will see a lower staff headcount in London and 600 jobs based in various regions across the country.
Smaller linear channels will also be closed down, leaving the fate of More4, E4 Extra and 4Seven hanging in the balance.
more on channel 4
Those facing the chop will be decided on whether they "deliver revenues or public value at scale".
Box music channels will also be scrapped under the new plans.
However, Channel 4 said they plan to launch a number of FAST channels, similar to rival ITVX.
It said its digital income accounted for 27% of its total revenue in the last year.
Most read in News TV
The station has been hard hit by falling ad revenues in recent years and in May had a 4.48% audience share - the worst four-week figure in its 41-year history.
Channel 4's CEO Alex Mahon said: "Channel 4 was designed to be ahead of the curve and has never stood still. The rate of change in our market is only speeding up.
"Our new strategy will accelerate our digital transformation - building on 2020's Future4 strategy and our founding public service principles - so Channel 4 remains a trusted, disruptive and distinctive brand into the 2030s, offering brilliant shows that people love and that matter."
She added: “While getting ourselves into the right shape for the future is without doubt the right action to take, it does involve making difficult decisions.
"I am very sad that some of our excellent colleagues will lose their jobs because of the changes ahead. But the reality of the rapid downshift in the UK economy and advertising market demand that we must change structurally.
"As we shift our centre of gravity from linear to digital our proposals will focus cost reductions on legacy activity. In preparing for a new digital-first future, I hope we can make Channel 4 simpler – for staff and our suppliers – and create a more efficient, inclusive and high performing organisation.”
The Sun exclusively revealed how Channel 4 had axed its latest reality series Rise and Fall due to low ratings and production costs.
Keep up to date with the latest news, gossip and scandals on our celebrity live blog
4
4
Topics