Axe falls on Channel M staff and programming
Guardian Media Group will cut Channel M's staff to just four and axe the station's original reporting after being unable to find a buyer for the Manchester television station.
The channel will stay on air but from Friday it will stop broadcasting its evening magazine show, Channel M Today, and end production of original news and features.
The changes will see Channel M's staff count reduced from 33 to four and GMG has entered consultation with those affected.
Channel M's future had looked uncertain after Trinity Mirror agreed a deal to buy GMG's regional newspapers, including the Manchester Evening News, last month.
Trinity Mirror showed no interest in making Channel M part of the deal, which saw £7.4m cash exchanged, and the station's future has been under review ever since.
GMG said in a statement: "We have reached the conclusion that the station is no longer sustainable in its current form.
"This is due to a number of factors, including the absence of a committed buyer, the loss of access to news from MEN Media, and the costs associated with the requirement to leave the Urbis building.
"As a result, from this Friday the station will no longer broadcast evening magazine show Channel M Today, and will cease production of original news and features video.
"Channel M will remain on air, focusing in the short-term on a mixture of archive material, traffic and networked news."
GMG will remain the owner and operator of Channel M and its associated Freeview multiplexes in Manchester.