UK's ITV to axe 1,000 jobs

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ITV, Britain's largest commercial broadcaster, is to cut around 1,000 jobs including 430 from its regional news department as part of a cost-cutting drive sparked by challenging market conditions.

The broadcaster said it had already reduced its overall group headcount by almost 425 positions and a further 75 roles were in the final stages of consultation, following a restructuring of certain departments including finance and press.

"We are committed to a self-help, self-funding solution to securing ITV's future," Chief Operating Officer John Cresswell said in a statement. "In order to sustain our investment in UK content we have to keep on top of our cost base."

In total, and including company disposals, ITV expects to reduce headcount by around 1,000 posts over 2008 and the first two months of 2009, it said. The group currently has a headcount of around 5,500, a spokesman said.

ITV, which also started a review of its technology department, has proposed restructuring its model for providing regional news which will allow it to make 40 million pounds ($72.10 million) of savings.

It also announced the acquisition of a majority stake in German-based production company Imago for cash upfront of 2 million euros ($2.87 million) on completion with a further cash payment of 3.7 million euros based on Imago's profit performance.