Troubled commercial broadcaster ITV is expected to axe 500 jobs – only six months after shedding 1,000 staff.

The Gray's Inn Road firm is embroiled in a cash crisis with debts predicted as £750 million after the credit crunch hit already dwindling advertising revenue.

An official announcement is expected tomorrow leaving its 4,500-strong workforce sweating.

£30m cut in programming - Yorkshire expected to take the brunt

There are also efforts to slash £30m from its annual £1bn programming budget.

Plans also include mothballing the 600 strong Yorkshire studios site after long running dramas, Heartbeat and The Royal were retired.

Cop show The Bill has already been reduced to one episode a week to save cash.

We have previously reported on efforts by Chief Executive Michael Gradeto talk up efforts for an ITV, Channel 4 and Five merger to solve the current crisis in commercial broadcasting.

ITV struggling to balance the books

Grade's plan is being mooted as he tries to make ITV's books balance in the face of a major advertising recession and growing competition for other digital services.

Grade is expected to sell Friends Reunited and ITV's bit of the Freeview infrastructure, and then slash programme budgets and cut jobs, in a bid to make things add up. And even then he may still have to cut dividend payments to shareholders.