Publicly owned UK broadcaster Channel 4 announced yesterday that it will cut 15% of its employees. Thanks to the sad economic times and low advertising revenue, C4, which relies on ad funding, will say goodbye to 150 of its workforce. Along with the pink slips comes a cut of £25 million to programming, and another £25 million to marketing, new business development and new media. In 2009 the broadcaster plans to cut another £50 million of its budget.
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