Channel 4 has acquired the television advertising sales business of Channel 5's parent company, Paramount, for more than £300 million, in a deal originally held by Sky. This acquisition follows Channel 4’s announcement of cutting 340 jobs, which would reduce its workforce of 1,276 by more than a quarter. Channel 4 earns about 90% of its £1 billion in annual revenue from advertising. The broadcaster also manages ad sales for UKTV, which owns channels like Gold and Dave. This job reduction is the largest in Channel 4's history and reflects ongoing cost-cutting measures in the media sector. The agreement marks the first time advertising sales for Channel 4 and Channel 5 have been managed by a single entity. Channel 4 will now handle ad sales for Channel 5, which is Paramount's largest advertising business in the UK, as well as promotional slots for brands like MTV, Comedy Central, and Nickelodeon. However, the deal does not include advertising sales for Paramount+, a streaming service featuring popular shows such as Yellowstone and MobLand, or for Pluto TV, a free ad-supported streaming platform. Priya Dogra, CEO of Channel 4, said the partnership would offer advertisers "a tremendous proposition" by combining the strengths of two public service broadcasters. She emphasized that the deal would provide seamless access to a wide audience and support investment in British programming. Reemah Sakaan, president of Channel 5, called the deal "a historic partnership between two British broadcasters," highlighting its significance for the UK media landscape. For Sky, the loss of the advertising sales business is a setback, but it may aid its efforts to secure regulatory approval for its £1.6 billion acquisition of ITV's TV and streaming operations. If approved, the merged entity would control over 70% of the traditional TV ad sales market, including digital advertising on streaming services. Sky and ITV are pushing regulators to define the market more broadly, which would reduce the combined entity’s share to around 30%. The move to Channel 4 is believed to be driven by commercial interests, though it comes two years after Sky Media, Sky’s advertising sales arm, faced scrutiny over miscalculations that affected revenue distribution. These errors, dating back to 2017, resulted in approximately £300 million in unpaid revenue to partners, including Paramount and Channel 5. Sky has since reimbursed Paramount £98 million, as reported in Channel 5’s 2023 and 2024 annual statements.