Channel 4 will cut more jobs than it expected, after a slump in the advertising market.
Industry sources told Sky News it would cut nearly 250 roles, which equates to more than 15% of its full-time workforce.
A Channel 4 spokesperson told Sky News that it was a “having to deal with an extremely uncertain economy in the short term” and needed “to accelerate our transformation to become a wholly digital public service broadcaster in the long term”.
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It comes after CEO Alex Mahon addressed the Culture, Media and Sport Committee with plans to use its emergency debt facility worth £75 million.
She described the situation as “market shock territory” and said the “level of advertising fall has only been deeper during the 2008 recession”.
The broadcaster has tried to figh the slump with a number of new streaming ad innovations, with brands including Boots, EE and Just Eat all reporting a positive impact.
Earlier this month, ministers dropped plans to privatise the broadcaster, reversing plans from former culture sector Nadine Dorries.
Last year, fellow broadcaster ITV also announced that it would cut back on new shows as a result of a “challenging macro environment”.
