STV cutting 60 jobs and axing popular programme as ad revenues tumble

The Glasgow-based group, which holds the historic Scottish Television and Grampian Television licences, is looking for £3 million of cost savings, including £2.5m by next year.

It also plans to replace its Central Belt and north of Scotland news content with a single programme broadcast from Glasgow, with sections devoted to regional news. That move will require permission from regulator Ofcom. The National Union of Journalists (NUJ) described the changes as “shocking”.

STV told investors: “Management is implementing a comprehensive cost savings programme to protect profitability and provide balance sheet flexibility in response to the deterioration in the advertising and content commissioning markets, and ensure the business is well set for growth as market conditions improve.”

The update comes after STV warned in July that its profits would be lower than previously expected, sending its shares sharply lower. It said then that it was looking to make £750,000 of additional cost savings.

Releasing interim results for the six months to the end of June, the group said total advertising revenue was down 10 per cent, year on year, to £45.6m. It posted an operating profit of £3.3m, down by 49 per cent on the year before. However, at the bottom line, it suffered a loss after tax of about £300,00 for the first half of 2025.

Chief executive Rufus Radcliffe said: “I have every confidence that STV will navigate the currently difficult trading environment in both our key markets, successfully implement our FastFwd strategy, and deliver sustainable value to our shareholders.

“We recognise that our cost savings programme impacts colleagues across the business, and we are committed to supporting people through this change. These steps are necessary to strengthen our financial resilience and position STV for long-term growth.

“The launch of STV Radio is on track, viewing on the STV Player is at an all-time high, and we are delighted that Army of Shadows has been commissioned by Channel 4 from Two Cities.

He added: “The way audiences consume news content is changing rapidly and fundamentally. Our output needs to respond to that as linear viewing declines and digital consumption of news increases.”

NUJ organiser for Scotland Nick McGowan-Lowe said: “While there is no doubt that STV faces financial pressures and a decline of studio productions, none of that can be blamed on the hard-working journalists.

“These proposed cuts threaten the high quality of local and national journalism produced by STV News staff across Scotland.”

Alasdair Young, Shore Capital’s media equity analyst, said: “The most material news is detail about an enhanced cost savings programme and improved flexibility with regards to pension plan contribution payments. With the balance sheet evidently front and centre, we have cautiously assumed no dividend for [the full year].”