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07/08/2009
ITV Announce £105 Million Loss
Struggling broadcaster ITV has announced a pre-tax loss of £105 million in their half-year results.
The report revealed that advertising revenue had fallen by 15%, which was just marginally better than the 17% fall in the overall commercial broadcasting market.
The report also revealed that the broadcaster's pension fund deficit had now reached £583 million by the end of June.
This compared to £178 million at the end of last year.
ITV has launched a cost-cutting programme and aims to save £285 million by 2011.
It has also been revealed that ITV sold the Friends Reunited website, which it bought in 2005 for £175 million, had been sold for just £25 million.
A company called Brightsolid, which owns findmypast.com, the operator of the official 1901 and 1911 census, bought the website.
It is owned by Dundee-based DC Thomson, the owner of the Beano comic and Dundee's Evening Telegraph.
(KMcA/BMcC)
The report revealed that advertising revenue had fallen by 15%, which was just marginally better than the 17% fall in the overall commercial broadcasting market.
The report also revealed that the broadcaster's pension fund deficit had now reached £583 million by the end of June.
This compared to £178 million at the end of last year.
ITV has launched a cost-cutting programme and aims to save £285 million by 2011.
It has also been revealed that ITV sold the Friends Reunited website, which it bought in 2005 for £175 million, had been sold for just £25 million.
A company called Brightsolid, which owns findmypast.com, the operator of the official 1901 and 1911 census, bought the website.
It is owned by Dundee-based DC Thomson, the owner of the Beano comic and Dundee's Evening Telegraph.
(KMcA/BMcC)
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