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Channel 4 plans to move from its London headquarters and make hundreds of staff redundant.
The broadcaster has outlined a five-year digital-first strategy that will see it close its Horseferry Road building and find new office space in the city centre.
The company had previously pledged to move 600 roles out of London by the end of 2025.
Channel 4 unveiled its fast-forward strategy on Monday, which includes the axing of smaller linear channels such as music video station The Box, the broadcaster said.
The reality of a rapid downturn in the UK economy and the need for structural changes in the advertising market
Alex Mahon, Channel 4
The plan calls for an 18% reduction in current roles, approximately 200 redundancies, elimination of approximately 40 unfilled roles, and approximately 70% reduction in traditional operational headcount. The number of employees is expected to be similar to 2021 levels.
Over the course of 2022, more than 500 staff members joined the station, bringing the total number of full-time employees to just under 1,200.
Channel 4 chief executive Alex Mahon said: “Putting ourselves right for the future is definitely the right thing to do, but it comes with difficult decisions.
“I am extremely disappointed that some of my talented colleagues will lose their jobs as a result of the upcoming changes.
“However, the reality of the rapid decline in the UK economy and advertising market requires structural changes.
“As we shift our focus from linear to digital, our proposition is to focus on traditional activities and reduce costs. We are preparing for a new digital-first future by making Channel 4 a better choice for our staff and suppliers. We hope to make it simpler and build more efficient, inclusive and high-performing organizations.”
Last year, Ms Mahon and other Channel 4 executives refused pay rises and deferred bonuses.
As part of cost-cutting efforts, a small number of shows were canceled, including the reality show “SAS: Who Dares Wins” and the talk show “Steph’s Packed Lunch.”
The plan will also see Channel 4’s commissioning team restructured to drive more streaming content, with an increased focus on drama, high-end documentaries, comedy and reality.
The Fast Forward strategy aims to increase digital revenue by 30% in 2024 and 50% by 2030.
Digital revenue accounted for 27% of total revenue last year, while non-advertising revenue, including partnerships and film revenue, increased to 10% of total revenue.