Finance redundancies expected at ITV plc
The £4bn merger of Carlton and Granada to form broadcasting giant ITV plc will result in finance staff redundancies over the next two or three months.
A comprehensive majority of shareholders voted in favour of the deal yesterday, as Michael Green, Carlton chairman, stepped down. Charles Allen, chairman of Granada, will take over the reigns as chief executive of the merged company, with Henry Stauton, current FD at Granada, continuing in his role.
Susan Donovan, director of communications at Granada, said: ‘When you put two plcs together it’s inevitable that you get duplication. That is currently being worked through.’ She said that the group finance department should be confirmed within ‘a couple of months’.
As part of the merger process the companies have pledged to save £100m in costs.