The announcement last week that Cathy Newman – a 20-year stalwart of Channel 4 News – would soon be joining Sky News as their new evening anchor caused serious commotion at the broadcaster’s Osterley headquarters. Few were upset at the news that the well-regarded Newman would soon be joining their ranks, but several were surprised to see a high-profile signing at a time when much of the channel’s top talent is believed to be eyeing the exits.
The reasons are financial. Sky News has always run at a loss, subsidised by its longtime owner Rupert Murdoch. When Murdoch sold off most of his businesses in 2018 – keeping Fox News and his papers – the buyer, Comcast, agreed to continue funding Sky News at the same levels for a decade, to help regulators agree the deal.
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That clock does not have much longer to run. In two years’ time, Comcast will no longer be obliged to finance Sky News’s losses, and would even be free to axe it entirely. In those circumstances, Newman might appear like she is riding the last lifeboat directly on to the Titanic.
Well-placed insiders suggest that Newman – who they believe has been tempted by “generous” financial terms – is, in fact, part of Sky News’ survival strategy. The plan, they say, is for Newman to front the first premium paid-for Sky News podcast, which execs hope becomes a new revenue stream to help the channel break even by 2030.
Longtime Sky News staffers are sceptical that subscription podcasts can fund a global news operation. But they are, at least, rooting for Newman’s success. Their jobs may depend upon it.
