ITV to Cut 600 Jobs
ITV Plc, the U.K.’s biggest commercial broadcaster, said it will cut a further 600 jobs and omit dividend payments after posting a 2.56 billion-pound ($3.6 billion) net loss for 2008 amid dropping advertising sales.
ITV, whose shows include “Britain’s Got Talent” and “X Factor,” is under pressure because advertisers are cutting budgets as the U.K. economy slumps. Broadcasters are also struggling to expand their Internet businesses to make up for a decline in traditional advertising. Ad revenue will probably fall 17 percent in the first quarter, ITV said today.
Source: Bloomberg
