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ITV cuts jobs and budget.
Broadcaster set to slash workforce and programme budget as ad revenues slump.
ITV is set to make around 15 per cent of its commercial staff redundant as it looks to deliver savings in the wake of a dramatic fall in advertising revenues.
The broadcaster, which this week announced a total of 600 job cuts across its entire business, also plans to slash pounds 65 million from this year's programme budget.
Sources indicated that ITV now plans to fully implement a 2008 Boston Consulting strategy for restructuring that recommended 25 per cent of commercial roles were axed.
Last year, around 9 per cent of commercial roles were made redundant, leaving a further 16 per cent of roles to be axed in this second wave of cutbacks.
However, the bulk of redundancies in ITV Commercial are expected to come from its internal sales team, the back office team that is responsible for placing advertising spots. ITV sources said that 'client-facing' teams would not be cut back significantly.
Announcing the cost savings, the executive chairman, Michael Grade, revealed a 41 per cent decline in 2008 profits to pounds 167 million last year ...
- School ties; ITV and the internet.(buying Friends Reunited, a group of websites)
- Magazine article from: The Economist (US) December 10, 2005 700+ words
...future. This week ITV said it would buy Friends Reunited, a group of websites...multi-media". With Friends Reunited to add to ITV.com, ITV will jump...Scepticism about Friends Reunited is also due to ITV's poor track record...
- Analysis: Would ITV rupture Friends Reunited?
- Magazine article from: Marketing Week Benady, David November 17, 2005 700+ words
...contribution ITV would bring to...The optimum Friends Reunited user has been...has growth that ITV would kill for." Friends Reunited founders Steve...Blunden says ITV would seek to turn Friends Reunited into a local...
- ITV suffers Pounds 150m loss on Friends Reunited sale
- Newspaper article from: The Independent - London Nick Clark August 7, 2009 700+ words
...deficit has also ballooned in the past six months. The hole in its defined benefit fund stood at 538m at the end of June, up from 178m at the end of the year. 175m Price ITV paid for Friends Reunited 25m Price ITV sold Friends Reunited for
- ITV spends [pounds sterling]175m to make some new Friends Reunited.
- Newspaper article from: The Evening Standard (London, England) December 6, 2005 700+ words
...Byline: NICK GOODWAY FRIENDS REUNITED was today bought by ITV for up to [pounds sterling...sterling]30 million. ITV chief executive Charles Allen said that Friends Reunited had huge potential, not just alongside ITV's existing group of...
- ITV faces [pounds sterling]160m loss on Friends Reunited; Broadcaster is close...
- Newspaper article from: The Mail on Sunday (London, England) July 26, 2009 700+ words
...Byline: MARK FOXWELL TROUBLED ITV is close to selling the social networking site Friends Reunited to entrepreneur Peter Dubens...after selling the site to ITV. ITV's revenues from Friends Reunited were [pounds sterling...
- ITV to buy Friends Reunited for GBP120m.(Brief Article)
- Newspaper article from: Telecomworldwire December 6, 2005 700+ words
...TELECOMWORLDWIRE-6 December 2005-ITV to buy Friends Reunited for GBP120m(C)1994...and recruitment. The Friends Reunited, ITV.com and ITV Local management teams are to be integrated, but Friends Reunited will remain a separate...
- Suffering ITV sells Friends Reunited; Bought for pounds 120m... sold for just...
- Newspaper article from: Daily Post (Liverpool, England) August 7, 2009 700+ words
...DAVID JONES ITV offloaded its Friends Reunited website yesterday...networking site. "ITV bought it, this...he said. Friends Reunited has suffered in...Parting company - Friends Reunited is being sold by ITV for a fraction...
- Friends Reunited sold by ITV at massive loss.
- Newspaper article from: The Journal (Newcastle, England) August 7, 2009 700+ words
...BROADCASTER ITV has sold its Friends Reunited website after...September. Friends Reunited attracted a...performance fees, but ITV has sold it...networking site. ''ITV bought it...he said. Friends Reunited has suffered...
