According to a report in today's Financial Times, the UK's largest commercial terrestrial television channel is set to record a 23% fall in October revenues, and can expect a double-digit decline in advertising revenues, after failing to arrest the slide.
According to estimates from media buyers, the channel is now expected to record a year-on-year decline of 20%, but may be rescued by a slew of late bookings from advertisers in the run-up to Christmas.
The arrest in the network's declining advertising revenues will be one of the key tasks for any future incoming ITV chief executive. The network announced in August that Charles Allen, the current chief executive, will leave the broadcaster next month.
Until a new chief executive is found, Allen's role will be taken by ITV's finance director John Cresswell.
The headhunting firm Zygos has been tasked with finding a replacement for Allen, although it has not revealed a shortlist. Press speculation has already thrown up several candidates that may be approached for the job.
Names linked with the role include: Mike Clasper, the former chief executive of airport operator BAA; Dawn Airey, the Sky programming boss; BBC Worldwide finance director John Smith; and former Ofcom chief executive Stephen Carter who, it has emerged, would not be available to take the job until February next year, due to conditions surrounding his exit from the media regulator.
Rupert Howell, regional director and president of McCann-Erickson, has also surfaced as an unlikely candidate. Howell refused to dismiss rumours that he is considering the role.
Andy Duncan, the Channel 4 chief executive, has already ruled himself out of any potential race for the role.
The share price for ITV has yet to climb rise above the 100p mark, and today stands at 98.5p.
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