ITV has announced it is to cut 600 jobs after announcing writedowns worth £2.7 billion.
The commercial broadcaster said the job cuts were part of a series of cost-saving schemes including the suspension of dividend payments to shareholders.
ITV will spend £65 million less this year on programming compared to 2008 and freeze the programming budget for 2010, with further reductions expected the following year.
On top of the cutbacks, ITV also plans to sell the Friends Reunited website which is paid £175 million for three years ago.
Net advertising revenues for the start of 2009 are also expected to be down around 17 per cent compared to the same period 12 months previous.
Michael Grade, ITV's executive chairman, said: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting.
"This is reflected both in our financial results for 2008 and the tough actions we are announcing today."
He added ITV would write-off £2.638 billion related to its broadcasting, online businesses and GMTV.
Speaking this morning Mr Grade explained the TV advertising market had been significantly weakened over the last 12 months.
But said ITV's cut-backs did not represent "indiscriminate cost-cutting", but were designed to make the broadcaster a "leaner" business.
ITV also said targets set in 2007 were "no longer appropriate" and now planned to deliver annual savings of £155 million in 2009 and £175 million in 2010.
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