Advertising firm sold for a £1

The regional ITV licence holder, STV, has sold its cinema advertising business Pearl and Dean for just £1 to a new firm, Image Limited, which is backed by Thomas Anderson, a director and ultimate owner of Empire Cinemas.

STV has been trying to sell Pearl and Dean for some time because it is tied to a loss making contract with the Vue chain of cinemas and this agreement has been a serious drag on the company’s resources.

In fact according to a statement by STV, the contact has meant that Pearl and Dean has been making losses of around £10m to £12m per year, purely because of the contract with Vue, which was signed in 2004 and lasts only until the end of the year.