Qualified advisers answering your
Financial Questions
call 0800 092 1245

ITV hits the rocks as advertising revenue collapses

ITV has today issued a stark review of the UK economy, television advertising and the short to medium term future for the industry. Well-known TV executive Michael Grade, the executive chairman of ITV, has announced a loss of 600 jobs and a multimillion pound reduction in the group's budget for this year. With rumours abound that ITV is in talks with both Channel 4 and Channel 5 about a merger it appears as though television advertising in the UK is falling through the floor.

This is a stark contrast to the welcome Michael Grade received when he took on the chairmanship of ITV in 2007 with many seeing him as the saviour of the ailing television company. However, even the intervention of Sky, which brought a sizeable stake in the operation but was then forced to reduce this by the authorities, has not stopped the downward spiral which is a reflection of the UK economy. What next for ITV?

The group is on course to deliver savings of £245 million over the next three years and has put its social networking site Friends Reunited up for sale with expectations that it will receive just a fraction of the amount spent on the acquisition. ITV is now valued at less than £1 billion and in desperate need of a partner in the short to medium term with the long term future of the group unclear at this moment.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details