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Troubled ITV cuts jobs and costs Troubled ITV cuts jobs and costs
(20 minutes later)
ITV has announced it is cutting 600 jobs across its business, and plans to make other "significant" savings.ITV has announced it is cutting 600 jobs across its business, and plans to make other "significant" savings.
The announcement came as ITV reported a 41% drop in pre-tax profits before one-off costs to £167m for 2008. The announcement came as ITV reported a loss of £2.7bn for 2008 after a huge write-down in the value of its assets.
ITV also confirmed it plans to sell the social networking site Friends Reunited, which it bought for £120m in December 2005.ITV also confirmed it plans to sell the social networking site Friends Reunited, which it bought for £120m in December 2005.
Britain's biggest commercial broadcaster has been hit by a sharp drop in advertising revenue.Britain's biggest commercial broadcaster has been hit by a sharp drop in advertising revenue.
Excluding the write-down in the value of its broadcasting and online assets, ITV reported a profit of £167m, down 41% on 2007.
Chairman Michael Grade said: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."Chairman Michael Grade said: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."
ITV's advertising revenue has fallen with the growth of niche commercial channels and the internet.
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  • ITV was launched in 1955 following the Television Act of 1954, which for the first time made the launch of a commercial television channel possible. It was made up of 15 broadcasting regions, each run by a separate company.
  • The Broadcasting Act of 1990 allowed regional companies, under specific conditions, to merge for the first time. It paved the way for the consolidation of ITV - the first merger taking place in 1994, with Granada buying LWT.
  • Six years later, Granada owned six regional licences, Carlton owned five, and in February 2004 ITV plc, created when those two companies merged, was born.
  • ITV2 was launched in 1998, ITV3 in 2004 and ITV4 in 2005. CITV and ITV2 +1 launched in 2006.
ITV's advertising revenue has fallen with the growth of niche commercial channels and the internet.
The broadcaster admitted that its targets set in 2007 were "no longer appropriate". The targets set had assumed growth in UK television advertising, but there had since been an "unprecedented deterioration in the global economic outlook", the broadcaster said.
It now plans to deliver annual savings of £155m in 2009 and £175m in 2010.
However, it said it was difficult to predict its future revenues and warned that trading in 2009 remained uncertain.
  • ITV was launched in 1955 following the Television Act of 1954, which for the first time made the launch of a commercial television channel possible. It was made up of 15 broadcasting regions, each run by a separate company.
  • The Broadcasting Act of 1990 allowed regional companies, under specific conditions, to merge for the first time. It paved the way for the consolidation of ITV - the first merger taking place in 1994, with Granada buying LWT.
  • Six years later, Granada owned six regional licences, Carlton owned five, and in February 2004 ITV plc, created when those two companies merged, was born.
  • ITV2 was launched in 1998, ITV3 in 2004 and ITV4 in 2005. CITV and ITV2 +1 launched in 2006.