London -- ITV has appointed turnaround specialist and television outsider Adam Crozier to be its new chief executive in a move that looks likely to mean that director of television Peter Fincham remains in post.
Crozier, currently chief executive of the beleaguered Royal Mail postal group and a former head of the Football Association and chief executive of advertising agency Saatchi & Saatchi, was not one of the candidates thought likely to end up with the job, ITV chairman Archie Norman conceded in a conference call.
But Norman insisted that Crozier was "by far the best choice of a strong field candidates" bringing to a close months of speculation.
The move has nonplussed some in the media industry, who view the announcement as "out of left field" but point to the solidity of a "heavyweight senior team" in conjunction with Fincham as ITV's content head.
"There are those who think...
Crozier, currently chief executive of the beleaguered Royal Mail postal group and a former head of the Football Association and chief executive of advertising agency Saatchi & Saatchi, was not one of the candidates thought likely to end up with the job, ITV chairman Archie Norman conceded in a conference call.
But Norman insisted that Crozier was "by far the best choice of a strong field candidates" bringing to a close months of speculation.
The move has nonplussed some in the media industry, who view the announcement as "out of left field" but point to the solidity of a "heavyweight senior team" in conjunction with Fincham as ITV's content head.
"There are those who think...
- 1/28/2010
- by By Mimi Turner
- The Hollywood Reporter - Movie News
London -- Incoming ITV chairman Archie Norman has told staffers to expect "a very different business" within the next three years and pledged to "recreate" the broadcast group so that it will be able to thrive in a digital world.
In an email to all ITV staff, the former head of the supermarket chain Asda and senior figure in the Conservative Party -- who took the reins at ITV Jan. 1 -- said he would launch a strategy review over the next few weeks and aimed to build a business that was future proof.
Norman said acting chief executive John Cresswell would "continue to provide executive leadership for the business" a possible sign that Cresswell is being considered as the next chief executive, despite having earlier said he was not interested in the post.
Despite a strong ending to 2009 with such successes a record 18 million watching the final of "X Factor...
In an email to all ITV staff, the former head of the supermarket chain Asda and senior figure in the Conservative Party -- who took the reins at ITV Jan. 1 -- said he would launch a strategy review over the next few weeks and aimed to build a business that was future proof.
Norman said acting chief executive John Cresswell would "continue to provide executive leadership for the business" a possible sign that Cresswell is being considered as the next chief executive, despite having earlier said he was not interested in the post.
Despite a strong ending to 2009 with such successes a record 18 million watching the final of "X Factor...
- 1/7/2010
- by By Mimi Turner
- The Hollywood Reporter - Movie News
London -- ITV has paid £22.5 million ($37.1 million) to acquire the Walt Disney Company's 25% in GMTV, the U.K.'s breakfast TV franchise, giving it full control of the company which broadcasts from 6 a.m. to 9.25 a.m. weekdays.
The move means that ITV will be able to offer advertisers a mix of ad slots including mornings, and reshape its daytime strategy from 6 a.m. to 6 p.m., acting ITV chief executive John Cresswell said Thursday.
Around 30 jobs are expected to be cut from GMTV, which currently employs over 300 staffers.
"GMTV is the gateway to the ITV day and a perfect fit with ITV's existing daytime programming," said Cresswell.
"It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6 a.m. to 6 p.m."...
The move means that ITV will be able to offer advertisers a mix of ad slots including mornings, and reshape its daytime strategy from 6 a.m. to 6 p.m., acting ITV chief executive John Cresswell said Thursday.
Around 30 jobs are expected to be cut from GMTV, which currently employs over 300 staffers.
"GMTV is the gateway to the ITV day and a perfect fit with ITV's existing daytime programming," said Cresswell.
"It represents an exciting opportunity to create a highly complementary daytime schedule offering great programming from 6 a.m. to 6 p.m."...
- 11/26/2009
- by By Mimi Turner
- The Hollywood Reporter - Movie News
Berlin -- Shares in U.K. commercial broadcaster ITV soared 7% to 48 pence (80 cents) Thursday on an upbeat trading statement, which predicted that advertising revenues would be back in the black in December, following almost 18 months of declines.
The broadcaster said that advertising revenues were down just 3% in October, which was better than expected and would rise 4% in December.
In the nine months to Sept. 30th total revenues from broadcasting and online were down 12% at £1.1 billion ($1.83 billion) year-on-year, while revenues from ITV's international production arm ITV Global were up 11% at £229 million ($380 million) over the same period.
ITV said its cost-cutting program was on track to deliver £155 million ($257.3 million) of savings in 2009. The television company also repaid £75 million ($124.5 million) of debt and confirmed a seven-year bond last month.
The news came as former Merrill Lynch Europe head Bob Wigley emerged as the latest candidate thought likely to replace Michael Grade as chairman.
The broadcaster said that advertising revenues were down just 3% in October, which was better than expected and would rise 4% in December.
In the nine months to Sept. 30th total revenues from broadcasting and online were down 12% at £1.1 billion ($1.83 billion) year-on-year, while revenues from ITV's international production arm ITV Global were up 11% at £229 million ($380 million) over the same period.
ITV said its cost-cutting program was on track to deliver £155 million ($257.3 million) of savings in 2009. The television company also repaid £75 million ($124.5 million) of debt and confirmed a seven-year bond last month.
The news came as former Merrill Lynch Europe head Bob Wigley emerged as the latest candidate thought likely to replace Michael Grade as chairman.
- 11/5/2009
- by By Mimi Turner
- The Hollywood Reporter - Movie News
London – ITV has scrapped the planned firesale of its cashflow-generating digital transmission business Sdn, opting instead to raise £120 million ($190 million) in the bond markets on hopes that the ad market decline is steadying.
The broadcaster, which had earlier said it would sell off Sdn as part of a series of moves to shore up its balance sheet and pension fund deficit, said that it was in talks to use part or all of the Sdn business as an asset to set against the pension fund decline, and was optimistic that the worst of the ad revenue collapse was over.
"The rate of decline in U.K television advertising has continued to ease across the second half of 2009," the broadcaster said, in a statement to the London Stock Exchange.
ITV said it was "on course to outperform" the U.K. TV advertising market for the full year, predicting that overall advertising...
The broadcaster, which had earlier said it would sell off Sdn as part of a series of moves to shore up its balance sheet and pension fund deficit, said that it was in talks to use part or all of the Sdn business as an asset to set against the pension fund decline, and was optimistic that the worst of the ad revenue collapse was over.
"The rate of decline in U.K television advertising has continued to ease across the second half of 2009," the broadcaster said, in a statement to the London Stock Exchange.
ITV said it was "on course to outperform" the U.K. TV advertising market for the full year, predicting that overall advertising...
- 10/13/2009
- by By Mimi Turner
- The Hollywood Reporter - Movie News
London -- ITV said on Monday that two contenders to succeed Michael Grade as chairman of the country's biggest free-to-air commercial broadcaster had ruled themselves out, dealing a fresh blow to its long search for new leadership.
At the same time ITV said John Cresswell, currently chief operating officer at the group, had agreed to take on the role of interim chief executive but that he planned to leave the company once a permanent incumbent had been found.
ITV, facing the worst advertising downturn for decades, has been searching for a new chief executive since May when Grade, then executive chairman, announced he would step back from the day-to-day running of the company.
Its search for a chairman, who will select the next chief executive, began in September when Grade agreed to leave the company altogether after it failed to secure former BSkyB boss Tony Ball as chief executive.
ITV,...
At the same time ITV said John Cresswell, currently chief operating officer at the group, had agreed to take on the role of interim chief executive but that he planned to leave the company once a permanent incumbent had been found.
ITV, facing the worst advertising downturn for decades, has been searching for a new chief executive since May when Grade, then executive chairman, announced he would step back from the day-to-day running of the company.
Its search for a chairman, who will select the next chief executive, began in September when Grade agreed to leave the company altogether after it failed to secure former BSkyB boss Tony Ball as chief executive.
ITV,...
- 10/12/2009
- by By Paul Hoskins, Reuters
- The Hollywood Reporter - Movie News
London -- ITV executive chairman Michael Grade said the broadcaster has scrapped its growth targets, refocused its core programming mix toward entertainment and will cut 600 more jobs, after the company announced a 2.7 billion pounds ($3.8 billion) loss and revenue down 3% at 2 billion pounds ($2.8 billion) for 2008.
Grade said ITV will cut $198 million over two years from its $1.4 billion-a-year program budget and cut drama hours to make room for less expensive and higher-rating entertainment shows.
Grade said executives are working on re-engineering the schedule to cut original drama output by an hour a week to seven hours and to add midweek entertainment shows.
"We will focus more on peak time, move off-peak into peak time," Grade said. "There's an adjustment of the mix, with more entertainment midweek, which I think audiences are in the mood for -- they're not getting a lot of fun out of the news."
But he conceded that the solutions are not straightforward.
Grade said ITV will cut $198 million over two years from its $1.4 billion-a-year program budget and cut drama hours to make room for less expensive and higher-rating entertainment shows.
Grade said executives are working on re-engineering the schedule to cut original drama output by an hour a week to seven hours and to add midweek entertainment shows.
"We will focus more on peak time, move off-peak into peak time," Grade said. "There's an adjustment of the mix, with more entertainment midweek, which I think audiences are in the mood for -- they're not getting a lot of fun out of the news."
But he conceded that the solutions are not straightforward.
- 3/4/2009
- by By Mimi Turner
- The Hollywood Reporter - Movie News
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