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Article: ITV faces [pounds sterling]160m loss on Friends Reunited; Broadcaster is close to selling networking site; Friends Reunited sale.(Business)
- Article from:
- The Mail on Sunday (London, England)
- Article date:
- July 26, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARK FOXWELL
TROUBLED ITV is close to selling the social networking site Friends Reunited to entrepreneur Peter Dubens in a deal worth about [pounds sterling]15 million - a massive [pounds sterling]160 million loss on its investment.
Dubens' private equity firm, Oakley Capital, is understood to be in exclusive talks to acquire the business, which ITV put up for sale in February, said a source close to the negotiations.
The broadcaster bought the business in December 2005 for [pounds sterling]175 million. But the site, which has 19 million registered users, has since been overshadowed by rivals such as Facebook and is thought to be ...