ITV to make extra £20m of cuts after Hollywood strikes hit revenues
Shares in the broadcasting firm slumped on Thursday morning after it saw sales slide on the back of weakness in its ITV Studios arm.
By contributor By Henry Saker-Clark, PA Deputy Business Editor
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ITV has said it will cut costs by a further £20 million after the Hollywood writers’ and actors’ strikes weighed on revenues.
Shares in the broadcasting firm slumped on Thursday morning after it saw sales slide on the back of weakness in its ITV Studios arm.
ITV told shareholders that group revenues dropped by 8% to £2.74 billion for the nine months to September, compared with the same period a year earlier.
It said this fall was driven by ITV Studios, its production business which behind recent hits such as Rivals for Disney+ and Ludwig for the BBC.
