When ITV acquired Friends Reunited back in 2005, I remember thinking 'what on earth are they doing?!'
There had already been a clear shift in momentum towards Facebook and MySpace who did (and continue to do) so much more that FR.
So, little surprise then that the value of FR has dropped...considerably. Having picked up the business for a staggering £175m, it's rumoured ITV could now be selling for as 'little' as £40m.
Nice bit of business then for the already struggling ITV, who announced pre-tax losses of £2.73 billion last year!
Having said all this, ITV have raked in some decent revenue from the Social Networking dinosaur; reportedly £22m in 2007.
Story via SouthWestBusiness.co.uk
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