ITV to axe 1,000 jobs by February

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ITV plans to have slashed 1,000 jobs by February next year, nearly 20% of its workforce. This includes 430 jobs across its news services – 40% of regional news staff.

ITV's workforce at the start of the year was estimated at 5,500. But this has already dropped by around 425, following restructures of the finance, press and publicity, brand and commercial and ITV global content divisions.

Another 75 roles are in the "final stages of consultation". A separate review of ITV's technology department will begin today (30 September).

In a statement, ITV said it was "on track" to fulfil a major cost-cutting strategy, designed to save £41m each year from 2006.

"The cost efficiency programme is designed to sustain ITV plc's £1 billion investment in UK content, which is at the heart of the turnaround strategy," it said.

At its interim results, ITV announced it would also make further savings of £35m across the company by 2010.

It is expected that cutting the jobs in regional news will save the broadcaster £40m annually.

Chief operating officer John Cresswell said: "We are committed to a self-help, self-funding, solution to securing ITV's future. In order to sustain our investment in UK content, we have to keep on top of our cost base."