Advanced Television

ITV to sell 'Friends'

February 19, 2009

ITV is understood to have put the social networking website Friends Reunited up for sale as it faces a cash crisis amid plunging revenue. ITV snapped up Friends Reunited in 2005, before Grade arrived, in a £120m (E134m) deal. Under the terms of the deal, ITV was to pay a further £55m this year and at least part of that cash is understood to have been paid, even though Friends Reunited has since been outpaced by the arrival of sites such as Facebook.

Categories: Articles, Business, M&A