Phillip Schofield scandal 'to cost ITV tens of millions' as sponsors abandon This Morning

A source told GB News: "Even if executives can save This Morning the damage caused by the last 72 hours has been done.

"Executives are now expecting the ITV share price to drop when the stock markets open, but their biggest concern is about how advertisers react.

"Until a week ago, advertisers were queuing up to align themselves with This Morning and be in ad breaks between Phil and Holly.

"But the brand has been so badly damaged. ITV knows many of their partners will be looking at things and reviewing their position and asking is this a show we really want to be attached to.

"Ultimately the cost of all this could easily end up being tens of millions of pounds. It’s a disaster for the channel."

The source added: "That’s why the way ITV top brass react is so important.

"They need to prove they are in control of the crisis and can navigate a way out of it. If they can’t, ultimately, shareholders will demand heads roll at the top of the channel."

Advertisers have already started ditching the show as car dealers Arnold Clark, announced they would not be renewing their mega-money deal with This Morning.

Arnold Clark was the ITV's show main sponsor and the deal was worth millions of pounds according to The Sun.

This weekend GB News exclusively revealed ITV bosses fear they have just seven days to save This Morning.

Despite reports the scandal-hit show will be axed as the furore over Philip Schofield grows, another source has said This Morning can still be rescued.

The TV insider said: "There’s no doubt the future of This Morning is up in the air, but it’s not dead yet.

"The programme remains one of the jewels in the crown for ITV so scrapping it is the last thing they’ll want to do.

"The next seven days are crucial. Executives need to prove that they are addressing the issues that have emerged following Philip’s revelations.

"If they can prove that to This Morning staff, and most importantly to This Morning viewers, then it could still be saved."

The source added that it is highly likely the show will need to address what is happening during their episode on Monday.

They said: "They know a huge number of people will be tuning in on Monday to watch.

"It will be like slowing down for a car crash. People will want to see how bad the damage is.

"So the pressure will be on, straight away, for the programme to demonstrate to viewers that they are making changes which will win back their trust.

"They can't just bury their heads in the sand and stay on with the show. How they deal with this crisis is crucial."