genesreunited
BBC NEWS | Business | ITV in £25m Friends Reunited sale:
"ITV has sold Friends Reunited for £25m four years after buying it for £120m.
The buyer is Brightsolid Limited, which is owned by DC Thomson, Dundee-based publisher of comics such as the Beano.
The announcement came with the release of half-year results, which were hit by the worst decline in UK television advertising on record.
ITV made a pre-tax loss of £105m in the period. There was no more information given on the recruitment of a new chief executive to replace Michael Grade.
Michael Grade is due to stand down by the end of 2009, following a regulatory review.
The £105m loss compares with a £1.5bn loss in the same period of 2008, although last year's figure was hit by a £1.6bn charge reducing the value of investments made in 2000 and 2004.
ITV's advertising revenues fell by 15%, which was slightly better than the 17% fall in the overall market.
The broadcaster's pension fund deficit had ballooned to £538m by 30 June, compared with £178m at the end of 2008.
ITV paid an initial £120m for the Friends Reunited website in 2005, but was due to pay an additional sum of up to £55m this year depending on the performance of the site.
The company buying it, Brightsolid, already owns findmypast.com, which operates the official 1901 and 1911 census websites.
"ITV has sold Friends Reunited for £25m four years after buying it for £120m.
The buyer is Brightsolid Limited, which is owned by DC Thomson, Dundee-based publisher of comics such as the Beano.
The announcement came with the release of half-year results, which were hit by the worst decline in UK television advertising on record.
ITV made a pre-tax loss of £105m in the period. There was no more information given on the recruitment of a new chief executive to replace Michael Grade.
Michael Grade is due to stand down by the end of 2009, following a regulatory review.
The £105m loss compares with a £1.5bn loss in the same period of 2008, although last year's figure was hit by a £1.6bn charge reducing the value of investments made in 2000 and 2004.
ITV's advertising revenues fell by 15%, which was slightly better than the 17% fall in the overall market.
The broadcaster's pension fund deficit had ballooned to £538m by 30 June, compared with £178m at the end of 2008.
ITV paid an initial £120m for the Friends Reunited website in 2005, but was due to pay an additional sum of up to £55m this year depending on the performance of the site.
The company buying it, Brightsolid, already owns findmypast.com, which operates the official 1901 and 1911 census websites.
ITV is in the middle of a cost-cutting programme, which aims to deliver savings of £155m this year and £285m a year by 2011."
http://www.genesreunited.co.uk/home/ is a daughter of friendsreunited
http://www.genesreunited.co.uk/home/ is a daughter of friendsreunited
posted by Hugh W at 7:15 am
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