ITN Cuts 29 Jobs, Freezes Pay

The UK's leading television news provider, Independent Television News, which supplies ITV and Channel Four with news programming and owns an extensive back catalogue of news footage, will make 29 redundant, and freeze everyone elses' pay in the next year.

The news company, which manages Fox News' back catalogue of footage posted a pre-tax loss of £3million for the first half of 2009, and is also struggling to deal with a mounting pension deficit, thought to now total £40million. 

The company, which is owned by ITV, the Daily Mail & General Trust, United Business Media and Thomson Reuters is not expected to return to profitability until later in 2010, although it expects that after redeployment and natural wastage, the redundancies could be reduced to just 15.

ITN will also restructure is business, with three major sections being created;

ITN Productions will handle all of the company's non-television nes output, including online, ITN's On servie and its factual and consulting operations.

ITN Source will handle the vast archives of news and footage that the company owns, including the rights to Fox News footage.

And thirdly, ITN Consulting and Ventures will look at new business and possible ventures for the future.

An ITN spokeswoman said; "The measures we have announced are designed to ensure the long-term future of the business, move the company back to profitability, safeguard employment and position the group for growth.  We remain ambitious for the future and we are confident that these actions will get us back on a firm financial footing."