The UK's biggest commercial broadcaster, ITV, has pulled the plug on its rolling news service.

The ITV News Channel, set up two years ago to compete with 24-hour services offered by the publicly-funded BBC and Rupert Murdoch's BSkyB, has been axed to make way for a new children's channel on the Freeview digital platform next year.

The company says that £2 million ($3.5m; €2.9m) of the money saved by the closure will be ploughed back into its main newsgathering operation. It says it is investing in new technology and creating a news bureau in Beijing.

Comments Simon Shaps, director of television at ITV: "Increasingly, viewers will want news on demand via a number of different platforms and we are investing in the technology and expertise to deliver that."

Data sourced from MediaGuardian.co.uk; additional content by WARC staff