Troubled British commercial broadcaster ITV has sold the Friends Reunited social networking site for £25m, about one-seventh of what it paid for it in 2005.

Though ITV reckons the site is still profitable, losses in other parts of its broadcasting business prompted the sale.

Friends Reunited, a site initially started from a bedroom in North London by Steve and Julie Pankhurst in 2000 as a way for people to find their old school friends, has seen its market share overtaken by the likes of Facebook. [Read more…]

Originally posted on August 6, 2009 @ 7:29 am