It's not just the consumer electronics industry that's been hit hard by the recession -broadcasters are feeling the pinch too. ITV's 2008 financial year results show a £2.7 billion pre-tax loss.
ITV's Executive Chairman, Michael Grade, explained: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting. This is reflected both in our financial results for 2008 and the tough actions we are announcing today."
ITV is, unsurprisingly, adjusting its previous 2012 targets to reflect both this loss and the expectation of continued financial difficulties. ITV will be implementing various cost saving measures, delivering £155 million in 2009, rising to 175 million and 245 million of savings in 2011.
Additionally, ITV is hoping to offload Friends Reunited and is weighing up various options for SDN, another of its subsidiaries.
Grade was keep to point out that ""Even in these difficult times, we should not lose sight of the progress the business has made. We are continuing to deliver our advertisers mass audiences night after night and are holding our share of audience and of television advertising. We have delivered revenue growth in Global Content and a huge increase in video views online."
The key will be to leverage those positives into something useful. We can only imagine the fate of ITV should that not be possible; for the sake of those celebrities wishing for their chance to eat kangaroo testicles on a tropical island lets hope that doesn't happen!