Five cuts budgets

From Leigh Holmwood in Media Guardian:

Channel Five has cut its programming budget by 25% this year – the biggest reduction of any major UK broadcaster – as it battles declining advertising revenues.

The commercial broadcaster has a programme budget of £165m this calendar year, down from £220m last year – a fall of £55m.

Five's budget is now just ahead of Sky1's, which is understood to be about £140m, although executives at the BSkyB-owned channel have said it is due to rise slightly.