British state broadcaster, the BBC, has announced sweeping cuts, citing financial pressures. The move comes as the network faces mounting reputational issues and a $10 billion defamation lawsuit filed by US President Donald Trump.
The broadcaster told staff on Thursday of an impending 10% cut to its annual cost base over the next three years, and that the reductions would affect all parts of the corporation including its license fee-funded public service arm, according to The Telegraph.
”In a rapidly changing media market, we continue to face substantial financial pressures,” the outlet cited a BBC spokesperson as saying.
The BBC’s operating costs stood at just over $8 billion last year, meaning the savings would amount to around $800 million, the paper noted. The broadcaster had previously pledged $953 million of cutbacks under an existing cost-cutting program.