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Most of the jobs will go at the Kirkstall Road Studios in Leeds where programmes such as The Royal and Heartbeat are currently made.
The company also said it would sell the website Friends Reunited.
ITV's chairman Michael Grade commented: "Current conditions in the advertising market are the most challenging I have experienced in over 30 years in UK broadcasting."
Meanwhile, Gerry Morrissey, general secretary of the broadcasting union Bectu, said the job cuts were the result of "mismanagement" which began before the credit crunch started, reports the BBC.
ITV has said it is continuing to review its operations at its Granada Television Quay Street studios where Coronation Street is filmed.
There is speculation that filming could be relocated to the new Media City development in Salford Quays.
