UK’s Channel 4 To Slash Content Budget By $185M As It Is Ravaged By Coronavirus Pandemic
Reading now: 953
deadline.comBy Jake Kanter International TV Editor Channel 4 has outlined an emergency cost-cutting plan as it bids to weather the unprecedented coronavirus pandemic.
In an all-staff conference call on Wednesday afternoon, Channel 4 CEO Alex Mahon outlined measures to slash the broadcaster’s 2020 content budget by £150M ($185M) and find £95M of operational savings, including furloughing 10% of staff.
The mission to cut costs comes against the backdrop of a huge downturn in the advertising market, from which Channel 4 makes 95% of its revenue.
Channel 4 said the ad market is down more than 50% in April and May. It has left Channel 4 brutally exposed, particularly given that the company has spent more than £50M ($61M) of its £180M in cash reserves on
Read more on deadline.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
