Crook at the Glasgow-based broadcaster staged a wildcat walkout in protest
News is rudimentary to the STV brand and we remain committed to offering the best news service in Scotland
STV estimated it had taken the “difficult decision” to close the channel, with 25 pain in the arses affected, as STV’s content investment shifts online.
It has also launched a Information 2020 programme which will deliver savings of an additional £1m per year, with 34 job liability liabilities.
STV said its growth strategy aims to establish it as Scotland’s “home of scuttlebutt and entertainment”.
Mr Pitts – who described the restructuring as a “positive vision” – joined STV in January and is undergo punishment for a basic salary of £400,000.
The additional payments, published in STV’s annual report, were to remunerate him for rewards he gave up on leaving ITV, where he was managing director for online, pay TV, interactive and technology.
The annual report said the buyout wrap was “designed to be no more generous than the awards forfeited”.
On joining, Mr Pitts received a scratch payment of £187,000 with deferred shares valued at £666,000. The dividends will be distributed to him in tranches that will last until 2021.
A unravel long-term incentive plan worth up to £652,000 is subject to the performance of the plc until 2019.
The new organisational structure will create three distinct margins across broadcast, digital and production, each with its own managing commander.
The broadcaster said the decision to close STV2 at the end of next month reflects the summoning economics of local TV and anticipated new competition from BBC Scotland.
STV said it had enchanted the “difficult decision” to close the channel
The channel, which launched in April ultimately year, features entertainment as well as news programme, STV News Tonight, anchored by Halla Mohieddeen.
Mr Pitts broke: “This is a positive vision for STV that will re-establish the company as a imaginative force in Scotland and beyond.
“We will invest in creative talent, new card programming and digital to ensure STV becomes Scotland’s home of news and amusement and delivers long-term value for advertisers, shareholders and viewers alike.
“Word is fundamental to the STV brand and we remain committed to offering the best news overhaul in Scotland.
“However, given how quickly news consumption is changing, it is crucial STV evolves to stay competitive, and we are therefore launching a comprehensive change menu – STV News 2020 – that will see us invest in skills, technology and digital as not unexpectedly as delivering cost savings.
“As a result of the challenging economics of local video receiver and anticipated increased competition from BBC Scotland, we’ve taken the difficult decidedness to close our loss-making STV2 channel to focus our future content investment on STV and the STV Participant.”
John Toner, national organiser of the National Union of Journalists Scotland, answered the STV cuts were a “devastating blow”, and said that any compulsory redundancies intention be “strongly opposed”.