Friends Reunited sold for £25 million
Grade: "It's the best price we could get"
6 August 2009 15:40 GMT / By Amy-Mae Elliott
ITV has finally off-loaded struggling website Friends Reunited.
The broadcaster sold the site for a pittance compared to what it paid for it in its hey-day back in 2005.
Michael Grade, ITV's executive chairman, described the sale as the "best price we could get".
Grade said. "It was regarded at the time as a good price. But the market has changed dramatically. You may have noticed but there's a recession on. It's the best price we could get."
ITV has now sold Friends Reunited to to Brightsolid, a DC Thomson subsidiary, for £25 million.
This figure is just a fraction of the original price paid for the site - a deal worth £175 million overall.
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