The company is looking to make £155m of cost savings this year alone, rising to £175m in 2010 an £245m by the end of 2011 as it copes with a fall in ad revenues and an "unprecedented deterioration in the global economic outlook".
As well as reducing programming budgets the broadcaster is cutting £40m from its regional news output and will save £50m in further "efficiency savings", thought to include the closure of its Leeds studios as well as job cuts.
The results, which are worse than those predicted ahead of the results announcement, outline plans to shift the broadcaster's programming focus to entertainment, "the cornerstone of the ITV schedule", thanks to last year's success of shows such as 'Britain's Got Talent',' X Factor' and 'I'm a Celebrity'.
Money will continue to be put into sports coverage, such as Champions' League action, the FA Cup and England football matches.
ITV has already spoken about plans to cancel its Yorkshire-based shows 'Heartbeat' and 'The Royal', with only soap opera 'Emmerdale' surviving from the north of England filming schedule.
Big budget costume dramas have also got the chop, with plans for an adaptation of 'Wuthering Heights' already shelved and speculation that Sunday night drama 'Wild at Heart' will go because, despite high viewing figures, the on-location filming in South Africa is too expensive.
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