ITV has announced 600 job cuts after making a loss of £2.7 billion for 2008. Most of the losses will be made among ITV’s London office workers.
The broadcaster has been badly hit by a reduction in the value of its assets. Excluding these, it made a profit of £167 million, down 41% on 2007 figures. In addition to the London job cuts, 150 people will lose their jobs in Leeds, as ITV will close its Kirkstall Road Studios – well-known for programmes such as Heartbeat and The Royal, which have now ceased production.
The chief reason for the cuts is loss of advertising revenue, which has devalued the broadcaster’s channels. Michael Grade, ITV Chairman, said ‘Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting.’