Newly merged broadcasting giant ITV has announced it is on target to save £100 million in the first set of results to be published since its multi-billion pound merger was completed in February.
The results also reveal a 2% drop in the broadcaster’s net advertising revenue for 2003. ITV has blamed this on a reduced share of total television advertising but it points to a 1% rise in advertising revenue for the first quarter of 2004 as an indication of upturning fortunes.
Commenting on the results newly appointed chief executive, Charles Allen, said: “ITV has come an enormously long way in the last 15 months and the pace of change has been incredible. We have put ITV in a stronger position and have created a united and more efficient company.”
He added: “We are now focused more than ever on delivering what viewers, advertisers and shareholders want from ITV and we are seeing the results coming through. ITV is unlocking the benefits of being one company with one management team all working towards shared goals.”
The report also highlighted ITV’s progress in merging Carlton and Granada staff, stating that the company’s top 150 managers had now been appointed.
The announcement that the broadcaster’s targeted savings of £100 million are on target follows last month’s announcement of massive job cuts to ITV’s operations in the Midlands, seen by many as a cost cutting exercise at the expense of the region’s news production.
