ITV to slash Friends Reunited's value
Not worth £175 million
5 January 2009 13:46 GMT / By Amy-Mae Elliott
ITV is planning to write down the value of Friends Reunited, a Sunday Times report claims.
ITV bought the website in 2005 in a deal worth £175 million overall, but is now expected to state that the company is worth much less than it paid for it.
The Sunday Times says the broadcaster will "slash" the valuation in a review at the end of its financial year in March.
Friends Reunited has struggled to achieve the high visitor numbers it enjoyed around the time ITV bought the site despite relaunches and scrapping on subscription fees.
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