Consultancy firm LEK Consulting were called by ITV's chairman Archie Norman in the first quarter to undertake a full review of the business.
Upon his arrival in January, Norman told staff the broadcaster "cannot remain as it is" and needs to be "a very different business in three years' time".
When ITV's results were released in March, Norman dismissed speculation that ITV is considering a sale of its production arm. Norman said that "content is central to our future" but indicated that a restructure of its ITV Studios business was likely.
Last week, the Financial Times reported that ITV was to invest £50m in production companies and improving its online presence over the next two years to support the strategic review of the business.
The aim is to increase internet revenue and develop formats such as X Factor, which is produced by Five owner RTL's Fremantle Media, that ITV could then exploit by selling abroad.
In The Sunday Telegraph, ITV's director of television, channels and online, Peter Fincham said he was looking to "work closely with [ITV Studios, ITV's production arm] to create hit shows for the future".
Though recent shows from ITV Studios have not delivered the audiences of Fremantle's X Factor and Britain's Got Talent Fincham was reportedly supportive of ITV Studio's and its head, Lee Bartlett, despite media speculation about Bartlett's future.
Fincham said: "The closer you get to the mainstream, the more you have to accept that there's no 100% hit rate."
Crozier will receive at least £3.2m over the next three years and could earn as much as £11.3m in the first three years if the company hits its targets.
This article was first published on mediaweek.co.uk