Regional broadcasting will take the brunt of cost cutting

Around 600 jobs will be lost while other ''significant'' savings would also be made.

Costs will be cut through efficiencies and on network programme and regional news savings.

ITV said ''significant'' savings will be delivered in central services and across ITV studios operations outside London.

The news comes after the Meridian region was hit by 100 job losses as broadcasting bosses merged three news regions.

The most high profile face to go was Debbie Thrower whose departure prompted scores of angry complaints from viewers.

As part of the new raft of cost cutting ITV have also announced it would look to sell its Friends Reunited social networking website.

ITV's executive chairman Michael Grade said: ''Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting. This is reflected both in our financial results for 2008 and the tough actions we are announcing today.

ITV reported pre-tax losses of £2.73 billion after it wrote down the value of assets on its balance sheet. Stripping out the exceptional items, profits were down 41% at £167 million.

The company also axed the payment of a final dividend to shareholders.

Mr Grade said: ''This is not a decision taken lightly. The board's judgement is that it represents the prudent course in present conditions.''