UK’s Channel 4 To Slash Content Budget By $185M As It Is Ravaged By Coronavirus Pandemic
Channel four has outlined an emergency cost-cutting plan because it bids to climate the unprecedented coronavirus pandemic.
In an all-staff convention name on Wednesday afternoon, Channel four CEO Alex Mahon outlined measures to slash the broadcaster’s 2020 content material finances by £150M ($185M) and discover £95M of operational financial savings, together with furloughing 10% of employees.
The mission to chop prices comes in opposition to the backdrop of an enormous downturn within the promoting market, from which Channel four makes 95% of its income. Channel four stated the advert market is down greater than 50% in April and Could.
It has left Channel four brutally uncovered, significantly on condition that the corporate has spent greater than £50M ($61M) of its £180M in money reserves on relocating out of London. A lot so, Channel four has requested the federal government to entry its £75M emergency credit score facility.
COPYRIGHT_BP: Published on https://bingepost.com/uks-channel-4-to-slash-content-budget-by-185m-as-it-is-ravaged-by-coronavirus-pandemic/89810/ by Cecilia Jones on 2020-04-08T14:30:37.000Z