U.K.’s Channel 4 to Slash Content Budget as Ad Revenue Plunges Due to Coronavirus

variety.com:

By Tim Dams U.K. broadcaster Channel 4 is to slash its content budget by £150 million ($185 million) and make £95 million ($118 million) of operational savings in a bid to navigate the economic impact of the Covid-19 outbreak.

The broadcaster said today that the cuts come against a backdrop of a plunging advertising market, for which it relies on for most of its revenue.

C4 said the ad market is set to be down in excess of 50% over April and May. Channel 4’s executive board and non-exec board are to take a voluntary 20% pay cut and suspend 2020 bonuses for executive directors.

This includes chief executive Alex Mahon and director of programs Ian Katz. It is also to access the government’s Coronavirus Job Retention Scheme, and will