The Scottish broadcaster, which has studios in both Glasgow and Aberdeen, has announced it lost £0.2m before tax in the first six months of the year.
Cuts are expected to be announced at STV(Image: Daily Record)
STV is expected to announce significant job cuts after the company revealed losses.
The Scottish broadcaster which has studios in both Glasgow and Aberdeen has announced it lost £0.2m before tax in the first six months of the year.
Bosses also confirmed that advertising revenue has fallen to £45m compared to £50m in the same period last year.
The broadcaster is reportedly set to find £3m of savings, including £2.5m by next year. Any major changes to Scottish output would need approval from the regulator Ofcom.
In July it was announced that STV’s share price crashed by a third after it warned that profits would be lower than previously expected.
Staff previously went on strike outside the STV HQ in Glasgow(Image: DAILY RECORD)
The broadcaster told how they were looking to make £750,000 of savings in addition to those already anticipated.
As the BBC reports, the National Union of Journalists are likely to challenge any compulsory redundancies to staff.
STV has a flagship current affairs programme, Scotland Tonight, shown four nights a week.
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It is understood advertising revenue amidst viewers turning away from traditional broadcast TV and partly because of winder economic issues.
This also means that many commercial channels are commissioning fewer programmes.
The broadcaster’s production business, STV Studios, makes programmes for a wide range of broadcasters and streaming services.
The company is also expected to update investors on recently announced plans for a radio station and the ongoing development of its streaming service STV Player.
STV Radio – to be broadcast digitally and online – will be a music station and is due to go on the air in the next few months.