ITV to cut jobs, halt dividend after $3.6 billion loss Advertising revenue expected to slump in worst market for over 30 years

Troubled U.K. broadcaster ITV said Wednesday that it will scrap its dividend and cut another 600 jobs after reporting an annual loss of 2.56 billion pounds ($3.59 billion).

Executive Chairman Michael Grade said conditions in the advertising market are the worst he has seen in over 30 years and added the company will target annual cost savings of 245 million pounds to cope with the downturn.