ITV Slashes Program Budget By At Least $116M To Combat Coronavirus
ITV has set out the steps it’s taking to guard the enterprise from the coronavirus chaos, which the British broadcaster says is wreaking havoc on its two key sources of income: Its manufacturing arm and the promoting market.
ITV CEO Carolyn McCall instructed buyers that the corporate is working in “unprecedented and unsure occasions,” which have required to it make fast and tough selections about its future.
As the steadiness of its income has been referred to as into query, that means it has scrapped all earlier forecasts for 2020, ITV stated it plans to slash its program price range by £100M ($116M) this 12 months.
A lot of it is a results of Europ 2020 not going forward, in addition to the “late supply of commissioned programming and energetic selections to scale back our spend.” ITV has additionally recognized an extra £60M of financial savings in areas akin to “discretionary” spend and capital expenditure. ITV has additionally withdrawn its dividend plans, which along with different financial savings implies that it expects greater than £300M of money to be retained inside the enterprise.
COPYRIGHT_BP: Published on https://bingepost.com/itv-slashes-program-budget-by-at-least-116m-to-combat-coronavirus/70461/ by Hilda Workman on 2020-03-23T09:08:45.000Z