ITV Completes $193M Savings Program A Year Early As Annual Results Reveal Record Profits For ITV Studios

deadline.com:

ITV has completed its £150M ($193M) costs savings program a year early, according to full-year results published this morning, which showed record ITV Studios profits but a worrying dip in paid subscribers to streamer ITVX.

Nearly a year ago, ITV implemented dozens of layoffs, amounting to around 200, and today it revealed that it delivered £60M of savings in 2024, which was £10M up on the prior year.

This comprised £20M of the initial mega £150M savings plan, which has now been completed a year early, while £40M of savings were part of what is called “the ongoing transformation and efficiency programme.” Relating to the “significant restructuring and transformation programme of the business,” ITV said it took a one-off restructuring and transformation cost of £50M.

Redundancy costs, consultancy fees and other related costs of £36M were also noted. ITV has consistently said it will make savings while continuing to spend the same amount of money on shows, if not more.