The BBC and ITV have released a joint statement, announcing they’ve signed a Memorandum of Understanding to help save regional news. The potential partnership would secure the future of regional news on ITV, although no specific details have been released.

A couple of possibilities have been discussed, including the two broadcasters sharing locations, facilities, resources and media - with most of the items coming from the BBC side, available for ITV to use.

ITV estimate their current regional news output to cost £55 million a year, and believe this agreement could save them over £7 million by 2016.

As you would imagine, there are many conditions that go along with the partnership, and the full memorandum is available to read here (link no longer available).