April 3, 2020 / 8:33 AM / 4 months ago

ITV executives agree 20% pay cut, forgo bonus, in coronavirus crisis

FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall

LONDON (Reuters) - ITV (ITV.L), Britain’s biggest free-to-air commercial broadcaster, said its executive directors had agreed a voluntary 20% reduction in salary and to forgo any bonus for this year to help preserve cash during the coronavirus pandemic.

The broadcaster has been hit hard by a slump in advertising across all categories and has suspended production on many shows, including its popular soap operas, because of the crisis.

The salary reduction will apply for the duration of the current government-imposed lockdown, ITV said on Friday, adding that it would review the matter again on June 30 if the lockdown continued beyond that date.

Reporting by Paul Sandle; editing by Kate Holton

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