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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, despite having paid £175m for it. | |
| 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. |
| Mr Grade is due to stand down by the end of 2009, following a regulatory review. | Mr Grade is due to stand down by the end of 2009, following a regulatory review. |
| We are taking advertising share from our competitors John Cresswell, ITV chief operating officer class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/87238/intraday.stm">See ITV's share price | |
| 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. |
| Its chief operating officer, John Cresswell, told the BBC that advertising revenues were improving. | Its chief operating officer, John Cresswell, told the BBC that advertising revenues were improving. |
| "We're down 15% in the first half and in the third quarter the decline is still pretty tough at -12%," he said. | "We're down 15% in the first half and in the third quarter the decline is still pretty tough at -12%," he said. |
| "But September for us is at -7% so the direction of travel is good." | "But September for us is at -7% so the direction of travel is good." |
| Mr Cresswell, who is thought to be among those in the running to be the new chief executive, added that "we are taking advertising share from our competitors". | Mr Cresswell, who is thought to be among those in the running to be the new chief executive, added that "we are taking advertising share from our competitors". |
| 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 is in the middle of a cost-cutting programme, which aims to deliver savings of £155m this year and £285m a year by 2011. | 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. |
| Spare bedroom | Spare bedroom |
| ITV paid an initial £120m for the Friends Reunited website in 2005. It paid an additional £55m earlier this year - a sum which had been dependant on its financial performance. ITV said that the site was profitable. | |
| 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. |
| Friends Reunited was launched in July 2000 from the spare bedroom of Steve and Julie Pankhurst's home in North London. | Friends Reunited was launched in July 2000 from the spare bedroom of Steve and Julie Pankhurst's home in North London. |
| Its model of helping people to find old friends from their old schools, colleges or clubs attracted millions of users to the site. | Its model of helping people to find old friends from their old schools, colleges or clubs attracted millions of users to the site. |
| But more recently, it has been overtaken by social networking sites such as Facebook, MySpace and Twitter. | But more recently, it has been overtaken by social networking sites such as Facebook, MySpace and Twitter. |