ITV sells cinema ads business

28th Sep 2010 08:10

Terrestrial broadcaster ITV is to sell its 50% stake in cinema advertising firm Screenvision.US private equity fund Shamrock Capital Growth Fund II is paying $80m in cash for ITV's half-share in Screenvision."This is another important step for ITV as we progress our transformation plan to focus the business on its core objectives of UK multi-platform broadcasting and global content," said ITV's chief executive, Adam Crozier. "The proceeds of this sale will positively impact our net debt which decreased by £175m in the six months to 30th June 2010," Crozier added.Screenvision was put up for sale last year by ITV's former executive chairman, Michael Grade, at the same time as the group's social networking site Friends Reunited.ITV sold Friends Reunited for £25m in August.