ITV's total advertising revenue fell 5.7 percent in the first half of the year, the company said in a statement. ITV1 reported a 9.6 percent decline compared with the first half of 2006.

"We are taking steps to stabilize our core business and ensure future growth by reviewing the best allocation of our current resources," said Chairman Michael Grade, the former chairman of the British Broadcasting Corp. "I'm encouraged by the progress we've made so far this year, but there is still a great deal more to do."

ITV has been making acquisitions ¡ª such as the FA Cup and England rights from 2008 ¡ª to strengthen its programing schedule. The company has also secured long-term deals with popular celebrities such as Ant and Dec and Simon Cowell.

ITV shares slipped 1.1 percent to 118.7 pence ($2.35) on the London Stock Exchange.