Channel 4 to quit London HQ and axe 200 job as part of digital-first strategy
Channel 4 plans to move out of its London HQ and make hundreds of staff redundant.
The broadcaster has outlined, under its five-year digital-first strategy, that the Horseferry Road building would be closed and a new office space found in the centre of the city. The move would happen in “the next few years” and Channel 4’s annual reports said the building was valued at £90 million in 2022 and £98 million in 2021.
It had 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.
Under the plans, headcount will be similar to 2021 levels by reducing current roles by 18% – by making around 200 staff redundant and axing around 40 unfilled roles – and Channel 4 says 70% of proposed role closures would be from legacy operations staffing.
Alex Mahon, the boss of Channel 4, said: "While getting ourselves into the right shape for the future is without doubt the right action to take.
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"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."
Ms Mahon along with her executive colleagues had previously refused a pay increase and put their bonuses on hold. Some shows like SAS: Who Dares Wins and talk show Steph's Packed Lunch have been shelved as part of their cost-cutting plan.
The channel's leadership team is being reshuffled to promote more streaming content. Ahead their focus will be on drama, high-end documentaries, comedy and reality.
The ambitious 'Fast Forward' strategy hopes to see digital revenue rise to 30% by 2024 and half the total revenue by 2030. Last year, 27% of Channel 4's total revenue was accrued from digital and non-advertising income rose to comprise 10% of the overall income.
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
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