C4 plans to sell London base and shed jobs to reduce costs
CHANNEL 4 will sell its former London headquarters for as much as £90m and kick off the biggest round of job cuts in its history as it grapples with a decline in traditional television viewing.
The public service broadcaster said it will move out of its offices on Horseferry Road in Westminster in the next few years. C4 also confirmed it will reduce its headcount by 18pc, or 240 roles, its biggest-ever round of job cuts.
Many of the cuts are expected to be focused on London as the broadcaster aims to have 600 roles based outside the capital by 2025. C4 also said a shift to flexible working had reduced the number of employees working in its London offices.
The broadcaster set out plans to close down channels that “no longer deliver revenues or public value at scale”.
Its music-focused Box channels will be closed this year, while others, such as standard definition versions of satellite channels, will be closed in due course.
The shake-up comes three decades after C4, which was established under Margaret Thatcher in the 1980s, opened its London headquarters. The building was designed by architect Richard Rogers and granted Grade II listed status last year. It was last valued at £90m.
The future of the site at Horseferry Road, known for its “Big 4” steel sculpture, has long been in question as the broadcaster increasingly moves its focus away from London.
It shifted its headquarters from London to Leeds in 2021 as it battled against a government attempt to privatise it. It will now look for new, smaller office space in central London. More recently, the company has been looking for ways to raise cash as it grapples with a sharp fall in advertising revenue.