[Scarlett.]

MUCH-loved telly shows are under threat as ITV prepares to axe up to 700 jobs today.

X Factor and Coronation Street could be hit as the broadcaster battles to stay afloat.

ITV chief Michael Grade will announce the cuts this morning. He is expected to reveal revenues have plunged 15 per cent in a year as fewer advertisers spend money on TV.

Insiders said ITV must cut at least £30million off its annual programming budget of £1billion.

It will struggle to renew X Factor judge Simon Cowell’s £20million golden handcuffs deal when it runs out in December.

Favourites Ant and Dec — also on a £20million exclusive deal — have already hinted they may not stay.

Flagship soaps Corrie and Emmerdale will have production budgets slashed by about five per cent — hitting stars’ salaries. Coronation Street will halt filming today to watch the annual results meeting via a live link.

Wild At Heart may be shelved despite drawing nearly nine million viewers — because filming the drama in South Africa is too expensive.


The show, starring Stephen Tompkinson, was expected to start shooting again in summer, but a source said: “Who knows what will happen?”

ITV may also be forced to close its Leeds studios, keeping only the Emmerdale set. It has already announced it is shelving Yorkshire-based Heartbeat and The Royal.

ITV cut 1,000 jobs last year. It is struggling with a £2.6billion pension fund and debt burden.

Around half of all admin staff are expected to get the chop.

The heads of little-watched ITV3 and ITV4 are set to be made redundant, while telly boss Peter Fincham is expected to get a bigger job overseeing all channels and programme production.

Gerry Morrissey, head of union Bectu, threatened strikes. He called ITV staff “the most demoralised workforce in British television”.

ITV wants to sell off Friends Reunited website and its ITN stake.

Last week it was revealed that ITV had drawn up a plan to merge with Channel 4 and Channel Five.