07/08/2009

ITV Announce £105 Million Loss

Struggling broadcaster ITV has announced a pre-tax loss of £105 million in their half-year results.

The report revealed that advertising revenue had fallen by 15%, which was just marginally better than the 17% fall in the overall commercial broadcasting market.

The report also revealed that the broadcaster's pension fund deficit had now reached £583 million by the end of June.

This compared to £178 million at the end of last year.

ITV has launched a cost-cutting programme and aims to save £285 million by 2011.

It has also been revealed that ITV sold the Friends Reunited website, which it bought in 2005 for £175 million, had been sold for just £25 million.

A company called Brightsolid, which owns findmypast.com, the operator of the official 1901 and 1911 census, bought the website.

It is owned by Dundee-based DC Thomson, the owner of the Beano comic and Dundee's Evening Telegraph.

(KMcA/BMcC)

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