Following its acquisition of Channel 5, Northern & Shell confirmed plans for a £1.5 billion investment over the next five years that will see a focus of resources on programme and content development.
As part of the changes, Channel 5 chief executive and chairman Dawn Airey will depart the company. Airey is leaving to take up a senior role at the RTL Group, Five’s former owner.
Airey announced six board directors and the broadcaster’s head of HR would be leaving the company. Channel controller, Richard Woolfe, director of strategy Charles Constable and director of corporate affairs Sue Robertson will leave on 31 August.
Managing director Mark White, director of finance David Hockley, director of legal Paul Chinnery, and head of HR Natasha Adams, will depart on 31 October. Along with Airey, they will remain in post until this time in order to help Northern & Shell manage the change process.
The savings aim to realise efficiencies deriving from Channel 5’s integration into the Northern & Shell group of companies and at the same time develop an ambitious new investment plan that it hopes will see the channel go "toe-to-toe with the biggest players in the TV world". Long-term financial input in the field of £300 million per year for the next five years is planned by Northern & Shell.
The rationalisation is expected to lead to a reduction in the company’s headcount of between 60 and 80 roles. Consultations with affected employees over the proposals will begin immediately. Channel 5’s staff will be relocated to the Northern & Shell premises in Lower Thames Street and in the Docklands in London.
Northern & Shell has invested massively in the Daily Star and Daily Express and launched the first Sunday newspaper in 30 years. In fact, if the deal had gone elsewhere it was feared that cuts would have been much harsher – maybe leaving as little as 20% of the workforce in place.
Airey said: "The day Five was sold, my job was done. I will be returning to the RTL Group but over the next few months will remain in post with a number of my senior colleagues to facilitate the integration of Five into Northern & Shell.
"I want to thank Richard, Charles, Sue, Mark, David, Paul and Natasha for the dedication and commitment that they have shown Five and the support they have given me over the years. They have all made a significant contribution to leading Five towards a successful future."
