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ITV to cut 120 jobs

UK commercial broadcaster ITV is planning to shed 120 jobs due to economic uncertainty following the country’s decision to leave the European Union.

ITV CEO Adam Crozier

ITV CEO Adam Crozier

ITV will make the cuts across the business, including in its production arm ITV Studios. However, the broadcaster does not plan to reduce its annual programming budget, which is in excess of £1bn (US$1.22bn).

“At a time of political and economic uncertainty in our key markets, it’s important that we are in the strongest possible position to continue to invest in our strategy and to meet any challenges and opportunities ahead as we continue to grow a successful business,” an ITV spokesman said.

The news comes three months after ITV CEO Adam Crozier said the firm would have to make £25m in cuts following Brexit.

Earlier this month ITV cut its drama team, making commissioning editors Charlie Hampton and Sarah Conroy redundant.

The company also dropped its corporate broker, JP Morgan, and took on Citigroup following its failed attempt to buy production and distribution giant Entertainment One.

Half of ITV’s 6,000 global staff are employed in the UK, with US-based employees forming its next largest workforce.

UK broadcasters face the worst year for television advertising since 2009, with total revenues declining by up to 2%.

  

 

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