ITV Plans Layoffs in Cost-Saving Initiative

LONDON, September 30: By
March 2009, ITV plc will have eliminated about 1,000 positions, it was revealed
today, as the commercial broadcasting group works to lower costs.

ITV’s cost-cutting
initiative was first announced in September 2007 as the ITV Turnaround
Strategy. The cuts are intended to help the broadcaster maintain its £1 billion
investment in U.K. content. The plan includes delivering £40 million in savings
from its regional news services, with 430 job losses across the ITV News Group.

ITV previously announced
that by year’s end, it will have delivered £41 million in savings since 2006.
It has announced further cost savings of £35 million across the company by
2010. Following restructures of the Finance, Press & Publicity, Brand &
Commercial and ITV Global Content divisions, ITV has already eliminated 425
positions, with a further 75 roles that are in the final stages of
consultation. A separate review of ITV’s Technology department begins today.

John Cresswell, the COO of
ITV plc, said: “We are committed to a self-help, self-funding, solution to
securing ITV’s future. In order to sustain our investment in U.K. content, we
have to keep on top of our cost base.”

—By Mansha Daswani