As you’ve probably heard, the Chief of ITV, Michael Grade, announced yesterday that more than 600 jobs would be cut across the ITV owned network and group of companies. He also announced that following a 41% drop in revenue from advertising, the company had to make radical cutbacks.

Mr Grade was quoted in The Sun yesterday as saying, “Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting.

“This is reflected both in our financial results for 2008 and the tough actions we are announcing today”.

Apparently a large part of ITV’s planned savings will be via cuts to its £1 billion programming budget, which will be reduced by £65 million during this year… Read more & comment »