ITV to cut costs by £30m amid falling advertising sales

Ad revenue slowdown forces company to reduce spending on content by £25m before inquiry into takeover by Sky

ITV plans to cut costs by £30m this year, as the TV sector faces a chill wind of ditched commissions, falling advertising sales and job reductions.

The broadcaster, which has agreed to sell its television and streaming business to Sky, expects ad revenues in that division to fall between 5% and 10% in the crucial final quarter of the year, despite the typically busy Christmas season.

Ad sales are expected to drop between 2% and 3% over the course of the full year, ITV said.