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ITV in £25m Friends Reunited sale | ITV in £25m Friends Reunited sale |
(20 minutes later) | |
ITV has sold Friends Reunited for £25m four years after buying it for £120m. | 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 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |