MasterChef maker suffers £10m hit amid Greg Wallace scandal
Turnover at the maker of MasterChef slumped to its lowest level since the Covid-19 pandemic as the Greg Wallace scandal became public, it has been revealed.
Wallace announced he was stepping away from the hit BBC show in November 2024 after an investigations into allegations from 13 individuals was launched.
The allegations, which spanned 17 years, were looked into by law firm Lewis Silkin while certain details made their way into the public domain.
Gregg Wallace was sacked from MasterChef in July this year while fellow presenter John Torode also left the show over a separate disciplinary issue.
MasterChef maker’s profit falls
Now, accounts for MasterChef maker Shine TV shows the firm’s turnover fell from £43.9m to £34.1m in 2024.
The total is the company’s lowest since the £32.8m it achieved in 2020.
In 2024, Shine TV’s turnover in the UK fell from £43.1m to £33.1m.
However its sales in Europe edged up from £591,000 to £735,000 and from £248,000 to £262,000 in the rest of the world.
New accounts filed with Companies House also show Shine TV’s pre-tax profit declined from £9.7m to £8.8m in 2024.
It is the second year in a row that the firm’s profit has fallen after having raked in £10.1m in 2022.
In a statement signed off by the board, the maker of MasterChef said: “While both revenue and EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] have decreased, measures to protect margins have been successful and continue to be implemented.”
It added: “The UK television market has several significant participants, including public service broadcasters.
“Streaming services and other broadcasters continue to expand and diversify the market, increasing the potential portfolio of customers.
“The UK television market continues to be challenging, with customers maintaining pressure on licence fees paid for both new and returning commissions.”
Murdoch-founded Shine TV owned by Banijay
Shine TV was founded in 2001 by Elisabeth Murdoch, daughter of Rupert Murdoch.
Elisabeth Murdoch earned £129m after selling the company to her father’s media empire in 2011.
The company is now owned by the UK arm of French giant Banijay.
In September, City PM revealed that Banijay UK had continued to make huge losses during its latest financial year.
The business made a pre-tax loss of £56.9m in 2024, having also lost £53.4m in 2023.
The division also posted a pre-tax loss of £24.9m in 2022.
The latest loss came despite its revenue increasing over the same time from £294.7m to £326m.
Banijay also owns other production companies which make the likes of Would I Lie To You, SAS Rogue Heroes, Shardlake, Grantchester and Bad Education as well as, Survivor, Total Wipeout and the revival of Big Brother.