The broadcaster confirmed a number of initiatives reported in the press over recent weeks, including: suspending its final dividend; cutting its programming budget by £65m this year with more cuts in future years; disposing of Friends Reunited; considering its options for Freeview slot leasing business SDN; and cutting its programming budget.
However, a rumoured rights issue has not materialised.
The number of redundancies was reported at 500, but has risen to 600.
According to the company they will fall mainly at its central services and in its studio operations outside London while press reports point to the likely closure of its Leeds studios in Yorkshire.
A 90-day consultation will start on Friday.
Annual revenues fell 3% from 2007 to £2.03bn. Advertising revenues fell 4% to £1.43bn, compared to a 5% fall in the overall TV market, while global content revenues increased 10% to £622m and online revenues climbed 9% to £33m.
ITV is expecting advertising revenues to be badly hit this year, though it points out it is not doing badly compared with the wider market and last year its share of advertising held steady for the first time in 25 years.
It has therefore added £1.1bn to the impairment charge of £1.6bn it recognised in its 2008 first half results.
While full year operating profits were £114m (down 59% from 2007) the impairment charge knocked the statutory profit figure down to a £2.6bn loss.
ITV has also dropped two of the three performance targets it introduced in 2007 -- for its global content division to increase revenues to £1.2bn by 2012 and for its online division to reach £150m in revenues by 2010.
It has retained the third, for the ITV family of TV channels to maintain its share of commercial impacts above 38.5% until 2012. Last year the ITV family SOCI fell to 41% from 41.7%.
Michael Grade, the executive chairman, said that with conditions in the TV advertising market were the worst he had seen in 30 years, ITV had to change its strategy in the short-term, but was sticking with its emphasis on content in the long term.
Grade said: "Our immediate priorities need to adapt to reflect the very different economic circumstances in which we are operating.
"The board's focus is on ensuring the company is adequately funded to navigate through the downturn.
"The ITV senior management team is focused on our core business, on costs and on cash generation."
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