ITV has announced 600 job cuts and the closure of its standalone ITV Local broadband news service after reporting a 41 per cent slump in profits.

The broadcaster said today it planned to make £155m in cost savings this year, rising to £245m by 2011, and described current conditions in the advertising market as the worst seen in more than 30 years.

The measures include the closure of ITV Local “as a standalone business”, as the broadcaster concentrates on “delivering content via itv.com and video on demand”.