The company that produced the huge hit “Downton Abbey” is in cost-cutting mode, all because of Brexit. “ITV boss Adam Crozier today announced the UK-based broadcaster-producer would be looking to cut up to $32.8 million in costs to counteract the anticipated economic fallout from Brexit and the UK’s decision to leave the European Union,” Deadline.com reports.
In a statement accompanying ITV’s results for the past six months, Crozier said: “Against a backdrop of wider economic uncertainty following the E.U. referendum, we have put in place a robust plan to allow us to meet the opportunities and challenges ahead. As part of this we are targeting a £25 million reduction in overheads for 2017.”
Deadline adds: “The ITV cost cutting will be made across the board in terms of overhead expenditure, said Crozier, but would not affect expenditure on programming or production. Crozier did add that the drop in value of [the] Sterling post-Brexit would lead to an increase in the company’s revenue and profit, thanks to it to its growing U.S. production and sales activities.”