ITV cuts jobs amid advertising slump

The downturn was most acute in ITV’s declining traditional TV business, which suffered a 15pc fall, though this was partially offset by growth in its ITVX streaming division.

Dame Carolyn said the Love Island broadcaster would accelerate its cost-cutting plans, aiming to strip £150m out of the business a year earlier than planned.

It will also launch a new restructuring programme to save a further £50m each year.

Bosses have already implemented a hiring freeze across the business, which is expected to last until at least the summer.

Staff have also been told to rein in spending, with tighter controls on expenses such as travel and entertainment.

The job cuts fell at ITV Creative, an in-house agency that creates campaigns to promote the channel and its shows both on and off air. It employs around 90 people, marking only a small part of ITV’s total workforce of 5,000.

An insider said the total number of redundancies was in single figures as the company had hired more staff with digitally-focused skills. It is not clear how the hiring freeze, which was announced after the cuts were made, will affect ITV Creative.

The overhaul highlights the pressure on traditional broadcasters as they adapt to the streaming age and compete with digital advertising platforms such as Facebook and Google.

In January, Channel 4 unveiled the biggest job cuts in its history, with headcount set to be reduced by around 18pc, or 240 roles.

The youth-focused broadcaster will also sell its former London headquarters in Westminster for as much as £90m in a bid to shore up its balance sheet.

Both companies are grappling with a slump in advertising that bosses have branded the deepest since 2008.

At the same time, traditional broadcasters are fighting to retain viewers as audiences increasingly defect to streaming rivals such as Netflix and Disney, as well as social media platforms including TikTok.

Bosses are shifting focus to streaming in a bid to reach more viewers. Earlier this month, ITV sold its stake in BritBox International to partner BBC for £255m as it concentrates on its own streaming service.

The company is also looking to expand its production arm, which is behind hits including Line of Duty and Bodyguard.

Revenues at ITV Studios grew 4pc last year to a record £2.2bn, though bosses warned the division was now starting to feel the impact of last year’s Hollywood strikes.

ITV declined to comment.

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