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Jan. 31, 2024
Channel 4 Set to Trim Workforce with 200 Job Cuts
CEO Alex Mahon announces anticipated job losses and a strategic shift in the wake of financial challenges. By: Wee Yan Ling
Channel 4 will be cutting 200 jobs, contributing to the shrink of 15% of its current workforce. CEO Alex Mahon had forewarned employees of the impending job repercussions earlier in the month and had cited the adverse effects of deteriorating market conditions. The broadcaster is attempting to streamline its operations as it has reduced its programming expenditure significantly following the increase in the prior year.
Channel 4 will also be trimming its annual wage bill by £108 million which highlights the broadcaster’s commitment to navigate the current economic challenges. The burden of the job cuts is likely to be felt by staff in London. However, the company had also pledged to boost the employment numbers elsewhere in the country by adding 500-600 jobs by the next year.
CEO Alex Mahon had also shared that they are expecting a decline of 8-9% in revenues throughout the year due to the contracting linear ad market. The industry is undergoing “market shock” conditions and the recession in advertising is more deeply felt than in 2008.
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