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Uncertainty Over Cuts at ITV
Research and marketing job losses at ITV appear a strong possibility as the UK broadcasting group cuts 600 staff in response to 'unprecedented conditions' in the sector.
Executive Chairman Michael Grade, presenting annual results this morning, said the conditions made 'tough action' inevitable, and announced a combination of redundancies and cuts in the organisation's £1bn programming budget over the next three years. ITV employs 4,500 staff and 800 contractors.
At present, the precise distribution of cuts has not been made clear, although 180 jobs are expected to go in Leeds as the main television centre building closes; and reports suggest the commercial division, which includes sales, marketing and research, will cut up to 80 jobs. Group finance director Ian Griffiths says staff will be shed from all areas of the business, especially in back office and middle management roles. A 90-day consultation period with staff begins on Friday.
The company's 2008 revenues were £2.0 billion, down 3% on the previous year, with crucial TV advertising revenues falling and growth in the strongly backed Global Content business only partial offsetting them. Adjusted EBITDA was down 32% to £211m. ITV will aim to raise more than £200m from the sale of non-core operations such as Friends Reunited and Freeview business SDN.
Web site: www.itv.com .
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