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Universal Music gives ITV a
£12m advertising boost

LONDON - Record company Universal Music has given ITV a much-needed advertising boost with the news that it is to spend £12m promoting artists, including S Club 7, in the run-up to Christmas.

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ITV companies Carlton and Granada have suffered considerably as a result of the weakness in the advertising market. Granada has seen revenues fall by around 11% so far this year.

However, investment bank Merrill Lynch has revised its estimates upwards and says the slump will not be quite as bad as it first thought. It now predicts that in December ITV will be down 18% compared with its earlier estimate of 25%.

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