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04/03/2009
Redundancies loom at ITV |
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Hundreds of staff at ITV could be made redundant after the broadcaster announced increasing losses.
The commercial TV company reported a loss of £2.7 billion in 2008, leading to its pledge to cut jobs, share dividends and spending.
It is seeking to lower its costs by £155 million this year and by £245 million by 2011.
Under the company's plans, 600 posts will be lost, something that could see many suffering compulsory redundancy.
ITV boss Michael grade said a large fall in advertising revenue was to blame for the losses.
He stated: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."
The company expects its advertising revenues for the first quarter of 2009 to be 17 per cent down on a year earlier.
News of the losses comes as new data from the Recruitment and Employment Confederation has indicated that UK job vacancies are falling at their fastest rate for 11 years.
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