The Week: City News - ITV ad revenues slide

Advertising revenues at ITV fell by 5.7 per cent in the first half of 2007, with revenues at ITV1 dropping 9.6 per cent, the equivalent of about £70 million. At its annual general meeting, the company blamed the Contract Rights Renewal issue for the problems at its flagship channel, but the chief executive, Michael Grade, added that the company's efforts to alter restrictions on how it sells advertising were "beginning to get some traction".