The British Broadcasting Corporation (BBC) holds stakes in new media giants that have posed an existential threat to the organization over the past years by causing its viewership to decrease.
A report in the Guardian newspaper said BBC’s pension fund has invested more than £170 million pounds in five major American internet companies, including in Netflix, an online media provider which has outperformed the BBC in attracting viewers both in Britain and around the world.
Newly released figures BBC holds £23m of shares in Netflix while its investment in Facebook has amounted to £35m.
The report said BBC’s current staffs who have been dealing with challenges from the likes of Netflix and Facebook have been barred from joining the pension fund since 2010. It means that around 50,000 former employees are mainly benefitting from the financial success of these media rivals.
The figures come amid increasing calls for reforms in the way the…