ITV makes £105m pre-tax loss

ITV, the UK’s biggest commercial TV broadcaster, has been hit by a pre-tax loss of £105m in the first half of the year, while net ad revenue fell 15%.

Michael Grade,  ITV
Michael Grade, ITV

In other results, revenues fell 12% to £909m, while its pension deficit has risen from £178m at the end of last year to £538m at the end of June.

Despite its drop in net ad revenue, it was slightly ahead of the market which fell 17%. ITV is forecasting that third quarter ad revenues will be down 12%, with September predicted to fall by 7%.

The broadcaster says it has so far delivered £57m of the £155m of cost savings it had announced in March.

Today (August 6) it has also announced the sale of its social network site Friends Reunited to Brightsolid, part of publishing company DC Thomson, for £25m.

Meanwhile, ITV is yet to announce a new chief executive. Those in the running include HMV chief executive Simon Fox, head of Apple Europe Pascal Cagni, Guillaume de Posch former CEO and chairman of ProSiebenSat.1, ITV chief operating officer John Cresswell and former Sky chief executive Tony Ball.

A replacement is being sought for executive chairman Michael Grade (pictured) when he relinquishes his role of CEO.

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