600 jobs to go at ITV

04/03/2009

Commercial broadcaster ITV is to impose sharp cutbacks on staff numbers, as it battles against the financial downturn.

Money from advertising has been hit hard by the credit crunch and the firm has also been affected by the move to multi-channel digital TV over recent years.

ITV said that it had lost £2.7 billion in 2008, due in part to these financial pressures.

It is thought likely that the bulk of the job cuts will be made in studios in Leeds - home of popular shows Heartbeat and The Royal.

Both of these programmes have now been mothballed - and reports also suggested that the This Morning show could also have its production affected by ITV's financial concerns.

Chairman Michael Grade said: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."

Unemployment in the UK has hit an 11-year high of 1.97 million, according to latest official statistics.

Some analysts expect the total to hit three million by the end of this year, due to the continuing effects of the crunch.

Tags; Job loss, Recent Graduate Debt,

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