ITV makes £150m loss on Friends Reunited sale

ITV has made a £150m loss on Friends...

ITV has made a £150m loss on Friends Reunited after it sold the social networking site it bought for £175m for £25m to storage company Brightsolid.

Brightsolid says it sees the acquisition of the site as an "exciting opportunity to provide new focus for and build on the iconic status of the Friends Reunited brands."

ITV said the social networking site, which has recently been left behind by the growth of Facebook, Twitter and Linked, is still profitable.

ITV's half-year results showed it made a loss of £105m in the first half of 2009, compared to a £1.5bn loss in the same period last year. The City reacted positively to the news, with shares up 3% early this morning.

The company has been hit hard by the recession's slump in advertising, although it said the advertising decline is starting to abate.

Online revenues were up 6%, with 50m online video views in the first six months of the year, and an average of 6m unique users a month.



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