Accounting jobs may go in Carlton/Granada merger

Link: PwC and KPMG in battle after media giants merge

Fidelity has led calls from big shareholders to bring annualised costs savings from the merger to £100m compared with the £55m agreed by Carlton and Granada.

The call follows a landmark shareholder coup led by Fidelity that forced Michael Green’s withdrawal as future chairman of the combined group.

The two groups have already announced that Paul Murray will step down from his position as finance director at Carlton to make way for Henry Staunton, current finance director at Granada.

The further 20 jobs in the Carlton finance department are also thought to be at risk.

Charles Allen, chairman of Granada, who will assume the role of chief executive of the merged ITV group has promised to cut £35m from duplication of back office functions including finance.

Boosted by their victory in securing an independent non-executive chairman for the enlarged group, major shareholders are flexing their muscles and want Allen to go further in cutting costs.

A spokesperson for Carlton said it was still unclear how many job losses in the accounting and finance departments of the two groups would result from the merger.

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