ITV Slashes Program Budget By At Least $116M To Combat Coronavirus
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deadline.comBy Jake Kanter International TV Editor ITV has set out the steps it is taking to protect the business from the coronavirus chaos, which the British broadcaster says is wreaking havoc on its two key sources of revenue: Its production arm and the advertising market.
ITV CEO Carolyn McCall told investors that the company is operating in “unprecedented and uncertain times,” which have required to it make quick and difficult decisions about its future.
As the stability of its revenue has been called into question, meaning it has scrapped all previous forecasts for 2020, ITV said it plans to slash its program budget by £100M ($116M) this year.
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