Originally Posted by allanuk

http://news.bbc.co.uk/1/hi/business/8186840.stm

ITV has sold Friends Reunited for £25m, despite having paid £175m for it.

The buyer is Brightsolid Limited, which is owned by DC Thomson, Dundee-based publisher of comics such as the Beano.

The announcement came with the release of half-year results, which were hit by the worst decline in UK television advertising on record.

ITV made a pre-tax loss of £105m in the period. There was no more information given on the recruitment of a new chief executive to replace Michael Grade.

Mr Grade is due to stand down by the end of 2009, following a regulatory review.