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Last Modified: 06 Aug 2008
By: Stephanie West

ITV's executive chairman says the UK's biggest commercial broadcaster may have to give up its expensive public service remit.

After announcing a fall in profits and flat advertising revenue, Michael Grade criticised "nanny state regulation" for holding back the broadcaster.

ITV, a majority shareholder in ITN, which makes Channel 4 News, is already planning reductions in regional news programming and has announced further cuts of £35m by the end of 2010.