Business ·
ITV to trim programme spending with £30m in temporary savings
ITV is set to reduce its programming budget as part of £30m in temporary cost savings, with most of the money coming from content. The move comes as new figures show UK spending on film and prestige TV production fell by more than £2bn over the past year.
ITV is preparing to scale back its spending on programmes as part of a drive to find £30m in what the broadcaster describes as temporary savings. Most of that sum, £25m, is expected to come from the content budget, with the remaining £5m found elsewhere in the business.
The plans emerge alongside fresh figures indicating that investment in making films and high-end television in the UK dropped by more than £2bn over the last year. That decline points to a weaker production climate for the domestic screen sector.
The cost-cutting is also being weighed against a pending inquiry into a proposed takeover of ITV by Sky. The broadcaster's decision to trim its programming spend comes before that review takes place.
The combination of lower advertising revenue and a shrinking production market puts pressure on ITV's finances. How the savings affect individual shows has not been detailed in the information available.
Source: The Guardian
Written with AI from the linked source