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ITV has confirmed it is axing 600 jobs and selling its Friends Reunited social networking website.
The company, which has been hit by a fall in advertising, said it planned efficiency savings of £155 million this year, rising to £175 million in 2010 and £245 million in 2011.
Executive chairman Michael Grade said the cuts were due to the "short-term horrors" of the economic downturn, which had seen advertising deteriorate significantly from the end of last year.
He said: "The tough actions we are taking have to be seen against that backdrop. These are unprecedented and extremely difficult times. We have to be focused more on our core business."
Mr Grade said the savings would ensure ITV is in the "best possible shape" when the recession ends.
He maintained that ITV had made "significant operational progress" over the past year, audience share was "inching upwards" and the broadcaster was increasing its advertising market share.
Drama output on ITV will be cut from eight hours a week to seven, but the broadcaster will still be investing a "huge amount" in drama, said Mr Grade.
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The company reported pre-tax losses of £2.73 billion after it wrote down the value of assets on its balance sheet. Stripping out the exceptional items, profits were down 41% at £167 million.
The company also axed the payment of a final dividend to shareholders.
Gerry Morrissey, general secretary of the broadcasting workers' union Bectu, said he was "outraged" at the scale of the job cuts.
