Feeds

ITV swallows Friends Reunited

Hello again

The Essential Guide to IT Transformation

Friends Reunited has been flogged. As widely expected, the reunion web site has been swallowed by ITV for £120m in cash and paper. A further £55m is payable if the operation hits certain numbers in 2009.

For broadcaster ITV, the acquisition of Friends Reunited gives it the chance to generate content online which, in turn, will help attract much needed advertising bucks.

Jeff Henry, director of ITV Consumer said: "The acquisition of Friends Reunited is also a key step in the delivery of our strategy to drive new revenue streams for the company.

"I am confident that Friends Reunited's unique sites and comprehensive subscription base, combined with ITV's services and vast range of content will prove both compelling and profitable."

Friends Reunited was launched in July 2000 in the back bedroom of founders Steve and Julie Pankhurst. Since then it has grown into a massive operation with five key content areas including school reunions, dating and genealogy. It has some 15m registered users in the UK and more than one million paying punters.

Friends Reunited is forecast to generate £12.4m in revenues this year with EBITDA (earnings before interest etc) of £6.6m. ®

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.