The company notified its news division today that there would be approximately 430 job losses and consultations will now begin. By reducing its regional news output it plans to achieve annual cost savings of £40m from 2009.
It said it has already reduced headcount across its finance, press and publicity, brand and commercial and global content divisions by almost 425 positions. A further 75 roles are in the final stages of consultation.
Its technology department is likely to see cuts after the company began a review of it today.
These reductions will deliver cost savings of £41m per year by the end of 2008, and on top of that total savings of £35m by 2010.
The cumulative job cuts will reduce ITV's total workforce from around 6,000 to around 5,000.
John Cresswell, chief operating officer at ITV, 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."
Shares in ITV rose 2.4% this morning on the news to 42p.
The cuts at the UK's largest commercial broadcaster follow Channel 4's decision last week to cut 150 jobs, 15% of its workforce, and reduce its programming budget by more than £25m this year.