ITV are said to be considering selling off their long running soap opera, Coronation Street to an independant production company.

ITV is being hit hard by the current recession and as we know is already making large cutbacks in their regional operations. The Sunday Express have reported that the channel is now reconsidering the future of Corrie and also Emmerdale.

As an “interim measure”, Emmerdale may be relocated in Manchester rather than by Yorkshire Television in Leeds in the near future.

An insider told the newspaper: “It’s fairly certain that Leeds will be closed and Emmerdale will be run from Manchester, which is effectively the end of Yorkshire TV.”

Last week, ITV’s executive chairman Michael Grade admitted:

“I have seen the cycle come and go over the years,” he explained. “I have never seen anything quite as dramatic or quite as profound as this in terms of the effect on advertising revenues.”

An ITV spokesman confirmed that the channel is facing some economic problems but denied that they are shutting down its production wing altogether.

He said: “As you know, operational reviews are taking place to ensure that ITV is in the best shape to meet the unprecedented challenges facing the economy, but there are no plans to drastically scale back, or shut, ITV Studios.”