Channel 4 intends to sell its headquarters on Horseferry Road, Victoria, and relocate to smaller premises elsewhere in London as part of a new five-year strategy unveiled earlier today.
In addition to making around 200 members of staff redundant, Channel 4 said it plans to move out of its London HQ, which has been its home since 1994 and is valued at around £90m, “in the next few years” and find a “new fit-for-purpose office space in Central London”.
The broadcaster, which also has offices in Leeds, Manchester, Bristol and Glasgow, said it was relocating its London home due to fewer members of staff working in the capital and the shift to flexible working.
Alex Mahon, CEO of Channel 4, said: “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 – building on 2020’s Future4 strategy and our founding public service principles – so Channel 4 remains a trusted, disruptive and distinctive brand into the 2030s, offering brilliant shows that people love and that matter.”
He added: “While getting ourselves into the right shape for the future is without doubt the right action to take, it does involve making difficult decisions. I am very sad that some of our excellent colleagues will lose their jobs because of the changes ahead. But the reality of the rapid downshift in the UK economy and advertising market demand that we must change structurally. As we shift our centre of gravity from linear to digital our proposals will focus cost reductions on legacy activity. In preparing for a new digital-first future, I hope we can make Channel 4 simpler – for staff and our suppliers – and create a more efficient, inclusive and high performing organisation.”
