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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Troubled broadcaster ITV offloads Friends Reunited AFP - Friday, August 7 LONDON (AFP) - - ITV, Britain's loss-making TV broadcaster, said Thursday it had agreed to sell website Friends Reunited for 25 million pounds, a fraction of what it paid for the pioneering social networking site. ADVERTISEMENT ITV is selling the website to IT group Brightsolid Limited -- owned by DC Thomson, publisher of the iconic British children's comic "The Beano". The cash sale, worth the equivalent of 29 million euros and 42 million dollars, comes as Britain's biggest commercial television network posted a first-half pretax loss of 105 million pounds as advertising revenues crumble. Friends Reunited, which has 20.6 million members, was launched in 2000, allowing paid-subscribers to contact old friends or lost family members. Although the website no longer charges members, its popularity has been eclipsed by rival social networking sites Facebook, MySpace and Twitter. Meanwhile the new buyers of Friends Reunited will also own sister site Genes Reunited as part of the deal. The two sites will be run alongside DC Thomson's own family history site, findmypast.com. "We see the acquisition of Friends Reunited Group as an exciting opportunity to provide new focus for and build on the iconic status of the Friends Reunited brands," Brightsolid chief executive Chris van der Kuyl said in a statement. Friends Reunited's founders sold it to ITV for an initial 120 million pounds in 2005. ITV recently had to pay an extra 55 million due to the nature of the website's profitability, bringing the total outlay to 175 million pounds. Married couple Steve and Julie Pankhurst launched Friends Reunited in July 2000 in the spare bedroom of their north London home. Meanwhile, ITV's decision to sell the website comes as the independent television broadcaster posted a first-half pretax loss of 105 million pounds. The loss was much reduced compared with the first six months of 2008 when ITV had made a loss of 1.537 billion pounds after writing down the value of assets. "Our financial results for the half year reflect the impact of the unprecedented downturn in television advertising," ITV executive chairman Michael Grade said in the group's earnings statement. "The rate of market decline has eased slightly in the second half and ITV continues to outperform the market," he added. ITV in April announced that Grade was to step down before the end of 2009. He said Thursday that ITV's cost-cutting plans, including 600 job losses to achieve annual savings of 245 million pounds by 2011, helped to reduce first-half losses. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Internet Portals & Search Engines Troubled broadcaster ITV offloads Friends ReunitedAFP - Friday, August 7 Hackers bedevil Twitter-FacebookAFP - Friday, August 7 Twitter site knocked down in hack attackReuters - Friday, August 7 Canadian charged in US in Internet gambling caseAFP - Friday, August 7 Related Articles: Technology US-TECH SummaryReuters - Friday, August 7 GM to launch plug-in hybrid SUV in 2011AFP - Friday, August 7 Hacker attacks silence Twitter, slow FacebookReuters - Friday, August 7 Troubled broadcaster ITV offloads Friends ReunitedAFP - Friday, August 7 Twitter, Facebook hit by cyber attacksAFP - Friday, August 7 Enlarge Photo ITV, Britain's loss-making TV broadcaster, said Thursday it had agreed to sell website Friends Reunited for 25 million pounds, a fraction of what it paid for the pioneering social networking site. Related Photos Slideshow Full Photo Coverage: Internet Portals & Search Engines Related Full Coverage Internet Portals & Search Engines Latest development in the online world All Full Coverage Most Popular – Technology Viewed Scientists decode HIV genome structure: study BNP Paribas bonuses spark anger in France Cupcakes for reporter on Obama's birthday New York chapel offers gay marriage service Swine flu toll up sharply in Latin America View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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