ITV to cut costs by £30m amid falling advertising sales

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ITV plans to cut costs by £30 million this year as advertising sales weaken, including a £25 million reduction in content spending. Its television and streaming business is set to be sold to Sky, with the proposed takeover facing an inquiry.

Ad revenue slowdown forces company to reduce spending on content by £25m before inquiry into takeover by Sky Business live – latest updates ITV plans to cut costs by £30m this year, as the TV sector faces a chill wind of ditched commissions, falling advertising sales and job reductions. The broadcaster, which has agreed to sell its television and streaming business to Sky, expects ad revenues in that division to fall between 5% and 10% in the crucial final quarter of the year, despite the typically busy Christmas season. Continue reading...