The broadcaster has not announced how it will achieve the savings. It has already cut 600 jobs and reduced its programming budget. Analysts have speculated the programming budget could be slashed even further.
The broadcaster announced in March it would cut £155m in 2009. It has said more cuts would come in the second half of the year and the extra £40m from 2010. As a result, total cost savings will rise to £215m in 2010 and £285m in 2011.
This year ITV closed its Yorkshire TV studios and cut around 13% of its 4,500 staff.
The company said today that overall group revenue in the first quarter of the year was £425m, down 14% on the same period last year.
Net TV advertising revenue fell 15%, which the company said was ahead of the total UK TV advertising market's estimated drop of 16%.
The figure slid 16% in April and is forecast to be down 16% this month and 18% in June. The first half of the year is likely to show a 16% decline.
Revenue from the Global Content division slipped to £131m in the first quarter, from £133m last year, while online revenues stayed at £9m despite a 30% rise in unique users and a 150% increase in video views.
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