ITV switches on to treble target

THE recently formed ITV group has set itself the target of trebling revenues from its second and third channels from £50m to £150m by 2007, as it confirmed the launch of ITV3 aimed at the 35-plus age group with a diet of drama and movies.

The broadcaster said it will raise its investment in multi-channel programming by 150% from £15m to £36m, with a doubling of programme spending at ITV2 and the launch of ITV3.

Chief executive Charles Allen also revealed that the group's net advertising revenues are estimated to have risen 4.9% in the six months to June.

The increased demand for advertising during Euro 2004 and a strong autumn schedule led Allen to predict ITV1's revenues rising 5.5% in the three months from June to August.

He said: 'Just four months after the creation of ITV Plc our strategy is delivering. The merger has enabled us to attract and retain the best talent in the industry.'

This autumn ITV will launch another series of I'm a Celebrity...Get Me Out of Here and the debut of Parkinson on the channel. Dramas will include Julie Walters in Ahead of the Class and Martin Clunes in Doc Martin.

ITV shares rose 2 3/4p to 112 3/4p.