'Urgent action' over ITV budget

ITV is engaging in 'urgent action' to reduce costs by a further £10 million.

John Cresswell, the broadcaster's chief operating officer, confirmed yesterday that he had called in the Boston Consulting Group to identify more areas of potential cost-cutting.

Cresswell told staff that the decision followed the sharp deterioration of the economic climate in the last few months. "These are extraordinary times for ITV," he said. "The need for action is urgent. We need to accelerate our plans to improve the efficiency of all of our operations now."

Earlier this year ITV outlined plans to cut 1,000 of its 5,500-strong workforce by February 2009.

The new round of cost cuts could result in more job losses and the reduction of the broadcaster's £1 billion programming budget.