ITV is planning to cut 120 jobs across all of its operations amid fears that Britain’s decision to leave the EU is having a negative impact on the television advertising market.
The UK’s biggest ad-funded broadcaster, which is home to shows including “The X Factor” and “Family Guy,” will axe roles across production, commissioning, and advertising sales, a spokeswoman confirmed.
The 120 job losses represent 2% of ITV’s 6,000-strong workforce around the world.
It sees the cuts as a prudent step at a time of high political and economic uncertainty. The company’s ad revenue was down 1% year-on-year in the first nine months of 2016 and ITV is braced for another difficult year in 2017.
“At a time of political and economic uncertainty in our key markets, it’s important that we are in the strongest possible position to continue to invest in our strategy and to meet any challenges and opportunities ahead, as we continue to grow a successful business,” an ITV spokesman said.
“We have taken costs out across ITV in a managed and sensible way over the last six years and we must continue to keep a tight control on spending to ensure that we are operating as efficiently and effectively as possible whilst maximising our ability to invest in the high quality programming that drives ITV’s success.”
Chief executive Adam Crozier sounded a warning about belt tightening in July. He said ITV would cut costs by £25 million ($32.8 million) by 2017 to protect itself from the economic shockwaves of Brexit. Business Insider has also revealed in July that ITV has introduced an unofficial hiring freeze and pay-rise ban.
One area of the business already impacted by the job losses is ITV’s factual production arm Shiver, according to Broadcast. Some 18 roles are at risk at the label, which is responsible for making shows including “Peston on Sunday.”
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