ITV PLC (LSE:ITV) has announced 200 job cuts to save money as it battles a slide in advertising revenues.
An email to staff from chief executive Carolyn McCall, chief executive, confirmed redundancy consultations have started as part of a programme to save £50 million.
McCall had said the ad downturn being experienced in the industry is the worst since the financial crisis.
Industry magazine Broadcast said the cuts will be focused on ITV’s media and entertainment division with news and daytime shows to be left untouched.
A hiring freeze will also be extended until the end of the year.
ITV shares have rallied recently on vague takeover talk but remain close to their all-time lows