The targets were part of a self-funding financial strategy that finance director John Creswell described as 'fiscally cautious'.
A restructure of ITV in the regions, to be submitted as part of ITV's response to Ofcom's PSB review, aims to save up to £40m from 2009. The disposal of non-core assets such as Men & Motors, MUTV and Screenvision US, should also generate efficiencies.
Michael Grade said slow reform of the CRR mechanism had held back ITV's commercial value. He added: 'We've changed from our 'all or nothing' position to one of amending CRR to give advertisers some comfort, while removing some dangerous side effects.'
However, Credit Suisse warned that ITV's 'overly optimistic assumptions' about CRR would limit its financial ambitions over the next couple of years.
The broadcaster will also phase out its late-night ITV Play strand by the end of this year.