Cuts at ITV

In a world where the internet is creeping further and further into our living rooms, it has now encroached upon our TV screens and is a contributory element with regards to job cuts at ITV.  Announcements were made this week that 600 jobs and other significant savings were to be made across ITV’s business.

Following recent reports of a £2.7bn loss for 2008, many of its troubles have surrounded a dramatic decrease in advertising revenue.  A further blow has meant that ITV also have plans to sell Friends United, a once leading social networking site and Scoot, an online business directory. In some regions, including Leeds, complete studio closures will mean that certain programmes will be at risk.

Chairman Michael Grade said:

"Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."

Every day we are seeing new arrivals in the despondent pit of financial crisis and it seems there is no-one or nothing immune to these current movements.  Savings have to be made; cutbacks need to be implemented and although this is sad news for the people losing their livelihood, needs must in business.

This is all interesting news to those who are engaged in financial spread betting.