Radio Project Scrapped at C4

LONDON, October 10: Channel 4’s recently announced
cost-cutting initiative has claimed the British broadcaster’s radio division,
the closure of which is expected to save some £10 million next year.

C4 is moving to save £100 million over the next two years,
recently announcing that it would layoff about 150 staffers. The closure of the
radio division, which had planned to launch a series of digital stations,
including E4 Radio, sees up to 15 positions being eliminated, reports indicate.

Andy Duncan, Channel 4’s chief executive, is quoted as
saying: “We’ve taken this decision very reluctantly. We’ve pursued our radio
plans in good faith and continue to believe DAB has a strong future and that we
could make a return from radio in the medium term. Frustratingly, our plans
have been overtaken by a drastic recent downturn in our revenues and we will
have to forgo this future profit stream. We can no longer afford the short-term
investment necessary given that we are having to cut so deeply across all parts
of the organization.”

—By Mansha Daswani