Channel 4 to axe staff in advertising downturn
Channel 4 is expected to be the latest media company to announce job losses this week as the downturn in the broadcast advertising market impacts on revenue.
The state-owned broadcaster will announce on Monday that it is cutting nearly 250 roles, or about 15% of its full-time workforce of more than 1,300, according to Sky News.
It is expected to be the biggest bloodletting in the history of Channel 4, which launched in 1982 and has been subject of a proposed privatisation.
JP Morgan was hired to oversee an auction, but ministers decided not to proceed.
Chief executive Alex Mahon has described the ad market’s decline as “market shock territory” for the company.
A spokesperson told Sky: “Like every organisation, we are having to deal with an extremely uncertain economy in the short term and the need to accelerate our transformation to become a wholly digital public service broadcaster in the long term.
“As a result, we need to continue to divest from our linear channels business and simplify our operations to become a leaner organisation.”
ITV boss Carolyn McCall, who last year said the UK advertising market was experiencing its worst decline since 2008.
Daily Business reported last week that the Scottish Daily Mail has axed a number of sports journalists. It is also understood that three sports staff at The Scotsman are competing for one role.