British TV network ITV sees 2007 profits sink

0 Comments | AFP, March, 2008

LONDON (AFP) — ITV, the biggest British commercial television network, said Wednesday that net profits dived by more than a third last year amid a scandal over its premium rate TV phone-in services.

In 2007, net earnings tumbled 37 percent to 137 million pounds (178 million euros, 270 million dollars), ITV said in a results statement. Pre-tax profits dropped 35 percent to 188 million pounds.

Flagship television channel ITV1 saw its crucial advertising revenues slide 4.4 percent to 1.22 billion pounds although this was still better than in 2006 when they had plunged 12 percent.

"I am confident that the business is in better shape going into 2008," said executive chairman Michael Grade, who resigned as BBC chairman in 2006 to help turn around ITV's fortunes....