Channel 4 to sack HUNDREDS of staff as broadcaster moves out of its London HQ amid drop in advertising after ditching hit shows including SAS: Who Dares Wins
- Horseferry Road has been the home of Channel 4 since 1994
- The broadcaster is planning a digital-first strategy focused on streaming
Channel 4 announces plans to leave its London HQ and make hundreds of staff redundant.
The broadcaster has outlined a five year digital-first strategy which includes plans to vacate the Horseferry Road office, which Channel 4 have been based out of since 1994, and find a new office elsewhere in London.
Channel 4 has previously committed to 600 roles being moved outside of London by the end of 2025.
On Monday, Channel 4 revealed the Fast Forward strategy, which also includes axing the small linear channels such as music video station The Box and others, the broadcaster said.
As a part of cost-cutting measure, a number of programmes, such as the popular reality show SAS: Who Dares Wins and talk show Steph's Packed Lunch, have been cancelled.
Channel 4 has been based out of Horseferry Road since 1994. The broadcaster has outlined a five year digital-first strategy which includes plans to vacate the office and find a new HQ elsewhere in London
Former Health Secretary Matt Hancock was a contestant on the most recent series of SAS: Who Dares Win. The popular reality show is one of the programmes Channel 4 has scrapped
Steph McGovern has hosted Steph's Packed Lunch since 2020. As a part of cost-cutting measure, a number of programmes, such as Steph's Packed Lunch, have been cancelled
Channel 4 chief executive Alex Mahon blames 'the rapid downshift in the UK economy and advertising market demand' for the job cuts at the broadcaster. Last year, Ms Mahon and other top Channel 4 bosses declined a pay rise and deferred their bonuses
Under the plans, headcount will be similar to 2021 levels by reducing current roles by 18%, making around 200 staff redundant and axing around 40 unfilled roles, and getting rid of approximately 70% of legacy operations staffing.
Across 2022, more than 500 staff joined the broadcaster, taking the total number of full-time employees to just under 1,200.
Channel 4 chief executive Alex Mahon said: '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.'
Last year, Ms Mahon and other top Channel 4 bosses declined a pay rise and deferred their bonuses.
Channel 4's commissioning team will be reorganised to drive more streaming content and there will be more focus on drama, high-end documentaries, comedy and reality, under the plans.
The Fast Forward strategy aims to increase digital revenue to 30% in 2024 and 50% by 2030.
Digital revenues accounted for 27% of total revenues last year and non-advertising revenues, which include partnerships and film revenues, have risen to make up 10% of the total income.
