ITV has three years to change, says new boss Archie Norman

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Mr Norman, making his first public comments since taking over from Michael Grade on 1 January, told ITV staff: "Our objective is to recreate the business so it can not just survive but prosper in the new media world."

The former chief executive of Asda, who was hired because of his reputation for turning around struggling companies, announced an immediate strategic review to make ITV "once again a growth business".

Britain's biggest terrestrial commercial broadcaster has enjoyed a revival in recent months, with the X Factor grabbing record ratings.

It has struggled to overcome 18 months of falling advertising revenues until December and has its online strategy has been in difficulties, posting a £2.7 billion annual loss in March.

More cost-cutting is expected after ITV took full control of breakfast broadcaster GMTV in December.

"We are not out of the woods yet and 2010 looks like another difficult year," said Mr Norman.