Channel 4 will slash its programming budget by £150m and other costs by a further £95m in a bid to survive a collapse in advertising due to the coronavirus crisis.
The reduction reflects that shows that can no longer be produced as well as those that will be cancelled, the broadcaster said.
Advertising revenues will be down by more than half in April and May and it remained uncertain when they might recover. The broadcaster has no other meaningful sources of revenue.
Chief executive Alex Mahon said: “We are taking action now to manage our costs appropriately and ensure that