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Read this: ITV faces Ofcom fines of 80m a year if it surrenders PSB licences | Media |

Summary: Michael Grade said ITV could foresee a future as a full commercial body. The broadcaster's net advertising revenue during 2007 was 1.22bn, meaning ITV fines could start at 80m a year and rise until its licences expire in 2014. Ofcom has confirmed that under Section 424 of the 1990 Broadcasting Act, PSB licence holders who fail to provide the service they are contracted to do face a financial penalty. - link

ITV faces Ofcom fines of 80m a year if i…

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