ITV warns it is in ‘worst ad recession since financial crisis’

Broadcaster’s earnings more than halve in first half but studios business performs strongly

ITV has warned it is in the midst of the worst advertising downturn since the 2008 financial crisis.

The broadcaster, which is behind hit shows including Love Island and I’m a Celebrity … Get Me Out of Here!, said earnings more than halved in the first six months of the year as it came up against a “very tough” advertising market and as it invested in its ITVX online streaming service.