Private equity veteran to fight BBC cash squeeze

THE BBC has appointed private equity veteran Sir Damon Buffini to be its deputy chairman as the broadcaster grapples with a squeeze on the licence fee and questions over its future funding.

Sir Damon was a founding partner of investment firm Permira and was one of the best-known names in private equity in the early 2000s. He was a bête noire for trade unions after Permira pushed through job cuts at companies including the AA and Birds Eye at the height of the global financial crisis.

His appointment is part of efforts by the BBC to bolster the commercial side of its business as its funding comes under pressure. The broadcaster’s licence fee was frozen at £159 in January up to 2024 and is set to be abolished completely in 2027, prompting a wave of cost-cutting and efforts to find new sources of revenue.

BBC chairman Richard Sharp said the appointment of Sir Damon reflected the “integral part that the BBC’S commercial activity plays in the corporation’s overall success”. He added: “Sir Damon brings vast experience and expertise to the oversight of our commercial operations at a time when the BBC board is looking for significant and sustained commercial growth.”

As part of the overhaul, Sir Damon also appointed three senior media executives to the BBC’S commercial board.

Gary Newman, former chairman and chief executive of Fox Television Group, Ian Griffiths, former finance chief at Kantar and ITV, and Claire Hungate, previously chief executive of Warner Bros’ UK TV arm, will all join as nonexecutive directors from April 2023 for an initial term of three years.