Channel 4 has announced plans to cut 340 jobs before the end of the year, terminating its employment by more than a quarter. According to the reports, Goggle box and The Great British Bake Off will lose around 28% of its current 1,280 staff after an internal review of the organization.

Channel 4’s chief executive, Priya Dogra said the announcement stating, “This marks the first phase of our transformation, ensuring Channel 4 is the right shape and size to deliver its future strategy.”

In this connection, Caroline Dinenage, chair of the culture, media and sports committee asserted that the news would be highly concerning for our most valuable talent at Channel 4.

The network said it aimed to streamline processes, shift to a more efficient operating model and drive capital toward original programming.

In its press release, the company referenced the shifting digital environment in its press release, noting that these changes included evolving audience habits, increasing global competition and a fluctuating advertising market.

In this connection, Caroline Dinenage, chair of the culture, media and sports committee said: “ We need to secure and own our future so we can continue to make shows others won't, reach audiences others can't, and thrive as a distinctive and disruptive British voice for future generations.

“The challenges we face require a fundamental transformation in how we work. I know the proposals we are announcing today will be very difficult for many colleagues and will have a significant impact across the organisation.”

Channel 4 launched in 1982 is publicly owned but funded by advertising. The newly announced jobs mark the largest workforce reduction in the network’s history.