BusinessCompany NewsDeloittes to aid in restructuring ITV Digital

Deloittes to aid in restructuring ITV Digital

Media giants Carlton and Granada have called off merger talks and hired Deloitte & Touche to help restructure their subsidiary - ITV Digital.

The parent companies are seeking to cut costs in ITV Digital and said in December they were expecting to achieve £15m in annual savings for the digital media division.

The ITV Digital/ITV Sport Channel division made a loss of £351.4m on sales of £175m in the annual results to September 30, 2001.

In a joint statement Carlton and Granada said they ‘have concluded that a fundamental restructuring of ITV Digital’s cost base must be concluded as a matter of urgency in order to secure the long term future of the business.’

‘Deloitte & Touche have been appointed to assist in the implementation of this process.’

The Big five firm confirmed they were helping with the restructuring but could not comment further

It is believed ITV Digital is in discussions with suppliers to reduce the costs of broadcasting programmes like football games.

Carlton and Granada also confirmed they had been in merger talks, but said they had decided to suspend discussions.

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