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August 7, 2009

ITV dumps Friends and takes a hit


by David Allen

Selling Friends Reunited for £25 million may appear to be a huge loss for ITV, considering that it paid £120 million cash for the site in 2005 and with performance bonuses of a further £50 million that all mounts up to a massive loss.

Yet the sale has actually achieved a higher price than industry experts predicted, as a figure of just £15 million was suggested.

The new owner of the social networking site is Brightsolid, part of the DC Thompson organisation that publishes the Beano and Dandy comics.

The site was a runaway success when it first appeared in the internet, but the problem for a company like ITV is the growing competition from the social networking sites.

Story link: ITV dumps Friends and takes a hit


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