Richard Madeley reportedly faced the axe from Good Morning Britain amid ITV’s ‘bloodbath’ as the channel makes sweeping cuts to its daytime programming.

The broadcaster, 69, who is reportedly paid a whopping £300K a year, was said to be left furious but managed to negotiate a new part time contract with bosses, which would see his hours and pay significant cut.

Meanwhile according to the The Sun that Lorraine Kelly, 65, whose own show has been cut down to 30 minutes, was ‘asked to retire’ but she declined, opting instead to see out her reported £500K contact before leaving ITV for good at the end of next year.

A source told the publication: ‘This one has really rocked the ITV corridors because Richard is such a big name and a legend of daytime telly. On Wednesday, word started to spread he’d been axed,’

‘But, by Friday, it became apparent Richard had a meeting with the network’s most senior bosses and he’s now being kept on in a more part-time role. He’s got himself back on the show — but his hours are significantly cut.’

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Richard Madeley, 69, reportedly faced the axe from Good Morning Britain amid ITV’s ‘bloodbath’ as the channel makes sweeping cuts to its daytime programming

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Meanwhile a source said Lorraine Kelly , 65, who’s show has been cut down to 30 minutes, was ‘asked to retire’ but she declined and will leave ITV for good next year

Before adding: ‘Lorraine was asked if she wanted to retire, having just celebrated her 40 years on breakfast TV, but she instead chose to see out her contract.

MailOnline have contacted Richard Madeley and Lorraine Kelly’s reps and ITV for comment.

It comes following the news that Lorraine and Loose Women will be axed for half the year, as ITV Daytime bosses announced huge cuts today with job losses in excess of 220.

Host Lorraine faced the brunt of the channel’s cuts with Good Morning Britain now taking her 9-10am slot for 22 weeks of the year.

For the remaining 30 weeks of the year, Lorraine will present five days a week, meaning her Friday stand-in presenters Ranvir Singh and Christine Lampard are no longer needed for the show.

Lorraine’s show has also been slashed in half, now running for just 30 minutes from 9:30am to 10am.

ITV sources told MailOnline that they have decided to cut resources on their daytime schedule so that the network can invest in more drama programmes.

One said: ‘There is a need to cost save but also so that the right money can go to the right shows and with everything getting more expensive these things have to be looked at.’

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The broadcaster was said to be left furious but managed to negotiate a new part time contract with bosses, which would see his hours and pay significant cut (pictured with Ranvir Singh)

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‘Lorraine was asked if she wanted to retire, having just celebrated her 40 years on breakfast TV, but she instead chose to see out her contract’

The source added: ‘Christine and Ranvir remain part of the ITV daytime family.’

This Morning, whose presenters include Alison Hammond, Ben Shepherd, and Cat Deeley, remains untouched.

It was also announced today that ITV Studios will no longer make Good Morning Britain but instead it will be made by ITN – the organisation which makes ITV News.

That means that there could be a merger between the staff working on GMB – which is hosted by Susanna Reid – and the channel’s news bulletins.

Meanwhile, ITV said that it is unlikely any on-screen talent will be axed.

An ITV source insisted that the changes have not be influenced by any of the show’s performances, saying: ‘We recognise daytime is a very popular genre and these changes and efficiencies are about preserving the future of the genre, whilst also funding additional investment in dramas like Mr Bates vs The Post Office and in coverage of the biggest sporting events like next year’s football World Cup as well as the UK’s biggest reality and entertainment shows.

‘This has nothing to do with under performance, the bosses are very pleased with all four shows. This Morning and GMB have escaped unscathed, their social media footprint is booming.’

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It comes following the news that Lorraine and Loose Women will be axed for half the year, as ITV Daytime bosses announced huge cuts today with job losses in excess of 220 (Loose Women’s Nadia Sawalha pictured)

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For the remaining 30 weeks of the year, Lorraine will present five days a week, meaning her Friday stand-in presenter Christine Lampard (pictured) and Ranvir Singh are no longer needed

Kevin Lygo, Managing Director of ITV’s Media and Entertainment Division, explained the changes: ‘Daytime is a really important part of what we do, and these scheduling and production changes will enable us to continue to deliver a schedule providing viewers with the news, debate and discussion they love from the presenters they know and trust as well generating savings which will allow us to reinvest across the programme budget in other genres.

‘These changes also allow us to consolidate our news operations and expand our national, international and regional news output and to build upon our proud history of trusted journalism at a time when our viewers need accurate, unbiased news coverage more than ever.’

Lygo added: ‘I recognise that our plans will have an impact on staff off screen in our Daytime production teams, and we will work with ITV Studios and ITN as they manage these changes to produce the shows differently from next year, and support them through this transition.

‘Daytime has been a core element of ITV’s schedule for over 40 years and these changes will set ITV up to continue to bring viewers award winning news, views and discussion as we enter our eighth decade.”

The news was announced in an emergency staff meeting held by ITV Daytime boss Emma Gormley on Tuesday afternoon.