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ITV has revealed that it has furloughed roughly 15% of its UK workforce as it bids to cut costs amid the coronavirus crisis that has shut down the majority of its productions and ravaged advertising revenue.
In a trading update on Wednesday, the UK’s biggest free-to-air commercial broadcaster said 800 staff have been placed on the government’s job retention scheme, the majority of whom work in production arm ITV Studios. More staff are being furloughed in other territories, it added.
The company said its total external revenue dropped 7% to £694M ($872M) in the first three months of the year, with ITV Studios’ turnover falling 11% to £342M and advertising income down 2% to £426M. Read more >>