UTV owners hit by advertising slump amid 'uncertainty'
Broadcasting giant ITV, which now owns UTV, has warned over a slump in television advertising amid recent "political and economic uncertainty". The group - home to shows including The X Factor and comedy drama Cold Feet - said TV advertising revenues fell 4% in the third quarter and were expected to fall by around 7% in the final three months of the year.
This will see net advertising revenues fall 3% over the full year, meaning annual profits will be left "broadly" in line with last year.
From March, ITV's accounts include advertising revenue from UTV after snapping up the channel for £100m.
ITV said its recent push to boost other revenue streams, including using content from production arm ITV Studios, will help offset the ad blow.
CEO Adam Crozier added: "In recent weeks the political and economic uncertainty has increased and we are currently seeing more cautious behaviour by advertisers."