ITN is expected to reveal its first ever losses on Thursday as new chief executive John Hardie unveils a new set of measures aimed at putting the organisation back on an even keel, the Financial Times reported.
John Hardie, who came into the job in June, will tell his 800 journalists and commercial staff that the organisation lost ‘a significant amount’in the first half of the year. People who have seen the accounts said the figure ran into low single-digit millions of pounds.
There will be some job losses, but the same people said they would be ‘a very low percentage’of the employees and that it would be ‘refocusing activities and revenue streams”.
Last year, ITN made a pre-tax profit of £4.1m on turnover of £105m.
As part of its plan to tackle its escalating pension deficit and return the company to profitability, the Guardian reported, ITN will look to cut around 20 of the 750 staff.