Admin sector news

Swingeing job cuts at ITV

6/3/2009
Reporting a loss of £2.7 billion for 2008, ITV has announced that it will be cutting another 600 jobs.

The company was forced to cut around 1000 jobs last year and is facing a £2.6 billion pension fund and debt burden. Several hundred jobs are expected to go in London and around 150 in Leeds. Around half of all admin staff are expected to leave.

ITV chief executive Michael Grade said: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting. This is reflected both in our financial results for 2008 and the tough actions we are announcing. Our priorities have to be aligned to the changed economic context.

The Board therefore recognises that the 2012 revenue targets set in 2007 are no longer appropriate and we are focusing on our core business as a producer-broadcaster, on reducing our costs and on cash generation."

ITV said it planned efficiency savings of £155 million this year, rising to £175 million in 2010 and £245 million in 2011.