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Friends Reunited For Sale

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I thought when Friends Reunited came along it was a great idea, probably the first 'social networking' site. Quite a fall in value - or realism following the ludicrous initial valuation.

Put me in touch with a lot of people, though not the one person I'd like to find ;)

This is the story.

ITV may sell Friends Reunited site

Broadcaster ITV is close to sealing deal to sell social networking site Friends Reunited for just £15 million, it has been reported.

ITV paid an initial £120 million for the business in December 2005, but the popularity of websites such as Facebook and the slowdown in online advertising due to the recession has dramatically reduced its value.

The Mail on Sunday said entrepreneur Peter Dubens' private equity firm Oakley Capital was in exclusive talks to buy the business for about £15 million.

ITV put the Friends business up for sale in March, little more than three years after it bought it for an initial £120 million from founders Steve and Julie Pankhurst, the husband and wife team who set up the website in 2000.

Under the deal, first announced in December 2005, ITV was due to pay up to £55 million more this year depending on the performance of the business.

Friends Reunited delivered around half of ITV's £36 million online revenues in 2008, but saw its own revenues fall by £4 million over the year due to the loss of subscription income as the reunions site relaunched on an advertising-funded basis last May.


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Cack website, outdated business model. In fact, the entire ITV network in microcosm.


I used to be a member but TBH it never put me in touch with anybody decent. All in all pretty crap.

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