Brexit: ITV to cut 120 jobs as uncertainty hits advertising market

Job losses will take place across all areas of business and amount to 2 per cent of ITV's workforce

ITV will cut 120 jobs as it looks to slash £25 million from costs as Brexit uncertainty hits ad revenues.

The job losses will take place across all areas of the business and amount to 2 per cent of ITV's workforce of 6,000, half of which are British-based. It is thought jobs outside of the UK will be unaffected.

ITV expects advertising revenues to fall 1 per cent in the first nine months of this year as businesses remain unsure about the economic outlook. Before the EU referendum, analysts predicted a 7.4 per cent jump in TV ad spending in 2016. ITV derived more than half of its revenues from advertising last year.

“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.

ITV’s share price fell almost five per cent last week after reports it was experiencing its worst year for advertising growth since 2009.

“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.”

The news comes after the BBC announced earlier this month it will make 300 programme-makers redundant as it spins off its TV production unit. Last month it emerged that Daily Mail owner, DMGT had cut more than 400 jobs over the last year.