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| ITV rattled as ad revenues fall | ITV rattled as ad revenues fall |
| (about 3 hours later) | |
| Broadcaster ITV has been hit by a further drop in advertising revenues for the year. | Broadcaster ITV has been hit by a further drop in advertising revenues for the year. |
| In the 12 months to 31 December, net advertising revenues at its key terrestrial channel ITV1 fell 12.5%, while revenues at GMTV slipped by 3%. | In the 12 months to 31 December, net advertising revenues at its key terrestrial channel ITV1 fell 12.5%, while revenues at GMTV slipped by 3%. |
| But ITV added it had received a boost from regional advertising, while digital ad revenues had risen 37%. | But ITV added it had received a boost from regional advertising, while digital ad revenues had risen 37%. |
| The group said trading for 2006 was in line with forecasts and it was on target to cut costs by £40m by 2008. | The group said trading for 2006 was in line with forecasts and it was on target to cut costs by £40m by 2008. |
| It added that it had managed to maintain its position as the UK's most popular peak-time channel, with an average peak-time share for adult viewers of 27.3%, compared with BBC One's 24.5%. | It added that it had managed to maintain its position as the UK's most popular peak-time channel, with an average peak-time share for adult viewers of 27.3%, compared with BBC One's 24.5%. |
| New chief | New chief |
| The trading update came just weeks after the group named former BBC chairman Michael Grade as its replacement for boss Charles Allen, who quit ITV in August. | |
| The future of the firm has been hanging in the balance amid rising competition from digital TV firms, low viewing figures and falling advertising revenues. | The future of the firm has been hanging in the balance amid rising competition from digital TV firms, low viewing figures and falling advertising revenues. |
| Analysts had speculated that the firm could become a takeover target and the group turned down a £4.7bn approach from cable operator NTL. | Analysts had speculated that the firm could become a takeover target and the group turned down a £4.7bn approach from cable operator NTL. |
| Last month, rival broadcaster BSkyB bought a 17.9% stake in ITV for £940m. | Last month, rival broadcaster BSkyB bought a 17.9% stake in ITV for £940m. |