U.K.'s ITV says it is 'in the final stages of working with others across the industry on a return-to-production protocol.' Details:
The U.K. TV giant ITV, led by CEO Carolyn McCall, says it is"in the final stages of working with others across the industry on a return-to-production protocol."
It also said April advertising revenue dropped 42 percent amid the novel coronavirus pandemic after a 2 percent advertising gain in the first quarter despite the virus crisis and continued Brexit uncertainty. ITV's advertising revenue has since been hit by the pandemic, like other TV networks, despite higher ratings.
At production arm ITV Studios, quarterly revenue fell 11 percent "impacted by the phasing of deliveries and restrictions on working practices due to COVID-19." to next year due to the pandemic. ITV on Wednesday reiterated its previously unveiled plan to cut its programming budget by "at least £100 million," or $125 million, while doubling its 2020 target for overhead cost reductions to £60 million .
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