ITV 'set to cut 500 jobs'

LONDON - ITV will this week announce it will be culling up to 500 jobs due to declining ad revenues, according to reports yesterday.

ITV...set for job losses
ITV...set for job losses

TV is due to announce its results on Wednesday, and the Sunday Times story said the broadcaster would also scrap its dividend.

According to the paper, chief executive Michael Grade will also announce a 5 per cent reduction in its £1 billion programming budget.

ITV refused to comment on the story.