U.K. broadcaster ITV has furloughed 800 staff, comprising around 15% of its U.K. workforce.
The majority of the furloughs are staff at ITV Studios, which has taken a major commercial hit during the COVID-19 pandemic. The business has said it is “taking part in other schemes where appropriate” internationally.
ITV has said it will look to reduce overhead costs by £60 million ($74 million) in 2020. The previously announced £30 million ($37 million) in cuts is “well underway,” while another £30 million ($37 million) of savings have been identified. The business will target a £100 million ($124 million) reduction in the program budget to around £1 billion ($1.2 billion).
ITV posted first-quarter results on Wednesday, reporting revenue of £694 million ($863 million), down 7% year-on-year from £743 million ($923 million).
ITV Studios revenues was down 11% at £342 million ($425 million) impacted “by the phasing of deliveries and restrictions on working practices due to COVID-19.”
More to come.
