The production company behind the hit BBC series MasterChef has suffered a significant financial blow, with turnover falling to its lowest level since the Covid-19 pandemic, following the high-profile departure of its long-standing host, Gregg Wallace.
Financial Fallout for MasterChef Maker
Newly filed accounts reveal that Shine TV saw its turnover slump from £43.9 million in the previous year to £34.1 million in 2024. This figure marks the company's lowest revenue since 2020, when it achieved £32.8 million during the height of the pandemic disruptions.
The financial downturn coincided with the public emergence of a scandal involving presenter Gregg Wallace. Wallace announced he was stepping away from the culinary show in November 2024 after an investigation was launched into allegations from 13 individuals. The claims, which were examined by law firm Lewis Silkin, spanned a period of 17 years.
By July of this year, Wallace was formally sacked from the programme. His co-presenter, John Torode, also left the show, departing over a separate disciplinary issue, leaving the future of the presenting lineup uncertain.
Profit Decline and Market Challenges
The accounts, filed with Companies House, also show that Shine TV's pre-tax profit declined from £9.7 million to £8.8 million in 2024. This is the second consecutive year of falling profits for the firm, which had raked in £10.1 million back in 2022.
The majority of the revenue drop occurred in the UK market, where turnover fell sharply from £43.1 million to £33.1 million. There was a slight counterbalance from international operations, with sales in Europe edging up from £591,000 to £735,000, and in the rest of the world from £248,000 to £262,000.
In a statement signed off by the board, the company acknowledged the decrease in both revenue and EBITDA but stated that "measures to protect margins have been successful and continue to be implemented." The statement also highlighted the ongoing challenges within the UK television market, noting pressure on licence fees from broadcasters and increased competition from streaming services.
Broader Context of Parent Company Banijay
Shine TV, which was founded in 2001 by Elisabeth Murdoch, is now owned by the UK arm of French media giant Banijay. Despite Shine TV remaining profitable, its parent company, Banijay UK, has been posting substantial losses.
Banijay UK reported a pre-tax loss of £56.9 million in 2024, following a loss of £53.4 million in 2023. This financial performance occurred even as the division's revenue increased from £294.7 million to £326 million. Banijay's extensive portfolio includes other well-known UK productions such as Would I Lie To You?, Grantchester, and the revived Big Brother.
The departure of MasterChef's iconic hosts and the subsequent financial impact on Shine TV underscore the significant influence that on-screen talent can have on a programme's commercial success and the stability of its production company.
