Channel 4 To Sell Iconic London HQ As Staff Cuts Begin

Channel 4 is planning a round of job cuts as the broadcaster sharpens its focus on streaming services amid a downturn in TV advertising. (Press Association via AP Images)

Channel 4 announced Monday it will sell off its iconic London headquarters as the broadcaster braces for its largest layoffs in over a decade as part of a pivot to digital that will see its London-based workforce reduced significantly.

CEO Alex Mahon described this transition as part of a five-year strategy that will reduce dependence on traditional TV advertising and focus on digital income streams.

“As we shift our centre of gravity from linear to digital, our proposals will focus cost reductions on legacy activity,” Mahon explained.

Channel 4 has been based at Horseferry Road, Victoria, since 1994 but will now relocate to a smaller central London site. This shift comes amidst the toughest TV advertising climate since 2008, pushing the company to make the difficult decision to cut 200 jobs and close 40 unfilled roles, an 18% reduction in headcount.

The diversification plan will look to support digital priorities to build a “leaner, simpler, and nimbler” business model and utilise e-commerce to generate “double-digit millions” annually by 2030 as well as a subscription channel called Channel 4+.

Mahon continued: “Channel 4 was designed to be ahead of the curve and has never stood still. The rate of change in our market is only speeding up. Our new strategy will accelerate our digital transformation.”