U.K. broadcaster Channel 4 is understood to be preparing to announce a range of cost-cutting measures this week as it wrestles with a major slump in advertising revenues due to the coronavirus cris…
Channel 4 is examining a range of options, which include a 20% voluntary reduction in the salaries of its executive board — which includesand director of programs Ian Katz — as well as furloughing some staff during the crisis.
As a not-for-profit publisher-broadcaster, Channel 4 has not been able to diversify into production like rival U.K. broadcaster ITV which now derives a large portion of its revenues from program-making arm ITV Studios. Channel 4’s cost-cutting measures will be announced shortly after it paid out bonuses to senior executives and staff worth a reported £5 million last month, according to a report in The Guardian. The bonuses relate to the performance of Channel 4 last year, and it is understood that the award was worth up to 10% of pay for most of Channel 4’s staff.
Channel 4 has also raised the prospect of tapping a £75m credit facility during a regular meeting with officials from the Department of Digital, Culture, Media and Sport and the Treasury, according to The Guardian. Channel 4 set up the facility in 2018 as a financial backstop for exceptional circumstances.
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