ITV to close innovation division

ITV is understood be closing innovation division ITV Imagine just two years after it was launched. The move is reported to be part of a cost-cutting exercise aimed at reducing its workforce by 1000 jobs.

The division was set up in November 2006 as a central research and development resource centre spanning all of ITV’s operations. It has 14 staff and was made up of creatives, content development and technology teams.

At the time of its launch, ITV said it was committed to bringing in people from companies such as Google, Nokia, Yahoo and Sony.

Earlier this month, ITV announced it is cutting about 1,000 jobs because of tough economic conditions and the difficult advertising market. Following the announcement, it has already cut jobs in its press division and reduced overall group headcount by 425 positions.

Last month, media watchdog Ofcom approved a reduction in its regional news services and ITV has proposed to restructure its model of regional news network in a bid to save £40m. ITV has not returned calls.

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