In an email to employees, Murphy said the company was reviewing all aspects of the business in light of the current economic climate.
He said the company must ensure that it "seizes every opportunity to run the business as efficiently and competitively as possible, not least because of the current trading environment".
Areas in which the company hopes to make savings could include slashing its 3,000-strong workforce and folding its internet operations into ITV.com. It has already been holding talks with partner ITV company Granada about such a merger of internet activity.
The company said that the £25m it hoped to save includes savings from Carlton's £10m share of the ITV partnership. The company expects to take a charge of £15m in restructuring costs.
The news of the cost-saving initiative comes in the wake of the company's half-year results, when it announced a 6.3% drop in advertising revenues. Analysts had been prepared for a revenue reduction of as much as 7%.
Carlton's shares were unchanged this morning from last night's closing price of 392p.