ITV posts loss, sells Friends Reunited

6th Aug 2009 07:02

Broadcaster ITV posted a fall in revenues and continued losses in the six months to June 30 as advertising revenues slumped and announced the sale of website Friends Reunited.Pre-tax losses for the period totalled £105m, compared with the £1.53bn loss incurred, due to reductions in the value of previous investments, over the same period the previous year. Revenue slipped to £909m from £1.03bn.The firm said television advertising suffered its worst year-on-year decline on record over the first half, with net television advertising revenues falling by £277m or 17% for the overall market.It also confirmed that it has sold the social networking website Friends Reunited to a subsidiary of DC Thomson, publisher of the Beano, for £25m.Friends Reunited was bought for a total of £175m in 2005. The value has plummeted since then, with social networkers turning to sites such as MySpace and Facebook.ITV said the rate of market decline in advertising eased slightly over the half year.Popular programmes such as Britain's Got Talent helped it maintain high viewing figures.'With a lower cost base and high gearing to UK television advertising, ITV is well placed to capitalise on any stabilisation in the market and to exploit fully the content we create and broadcast as and when economic conditions improve,' said chairman Michael Grade.