British media group Granada is to cut 430 jobs - on top of 650 which have gone over the last financial year blaming a shortfall in advertising revenue.
Chief executive Mr Steve Morrison says the reduction will bring staff numbers down to around 5,000.
The cuts are part of an effort to deliver cost savings of Stg£60 million sterling a year by 2003.
They were announced as Granada showed the global advertising slowdown had hit its full-year profits. Granada says advertising revenue was down 12 per cent at £1.76 billion this year.
Pre-tax profits, stripping out investment in digital media, fell to £175 million - from £270 million last time.
Mr Morrison says: "We are focusing on our core business and have taken a number of steps to reduce our costs and further increase our efficiency."
He adds: "Significant cost savings have already been achieved, and we are on track to deliver £60 million of savings a year by 2003.
"We will emerge from the current advertising downturn leaner and more competitive."
The cost of ITV Digital is shown in the full-year figures for Granada's digital media operations, whose pre-tax losses increased to £234 million - from £185 million last time.
PA