ITV plans 30 million pound cost cuts following advertising revenue drop

British broadcaster ITV plans to make 30 million pounds in temporary savings after experiencing a decline in advertising demand. The Guardian, irishtimes.com, and Advanced Television all reported that the company will slash its content budget by 25 million pounds. The Guardian noted that the remaining 5 million pounds in reductions will be made elsewhere in the business. [1][2][3][4][5][6]

The Guardian reported that ITV expects advertising revenues to fall between 5% and 10% in the final quarter of the year. irishtimes.com reported that analyst forecasts had ranged from flat revenues to a 5% drop, but ITV stated the full year decline will be between 2% and 3%. Following the announcement, ITV shares fell 5% in early morning trading, according to irishtimes.com. [1][2]

According to irishtimes.com, the total content budget for ITV in 2026 is expected to be about 1.2 billion pounds. The outlet added that the budget cuts are likely to result in fewer new television shows and an increase in repeats of older programmes. The Guardian reported that overall production spending on films and high end television shows in the United Kingdom has dropped by more than 2 billion pounds over the past year. [1][2]

The Guardian and The Independent reported that the cost cutting measures come ahead of an inquiry into a takeover deal by Sky. irishtimes.com noted that ITV previously agreed to sell its television channels, streaming service, and advertising operations to Sky in July. [1][2][5]