ITV linked to Friends Reunited sale

Broadcaster ITV is considering the sale of the social networking site Friends Reunited, it was reported today.

A further 500 jobs could also go in a second phase of cost-cutting at the UK’s largest commercial broadcaster.

ITV bought Friends Reunited for £175m (€194.8m) in 2005, when the networking site was considered a pioneer. But Friends has since been overshadowed by the popularity of rivals such as Facebook and Bebo.

The Financial Times said Facebook and MySpace and traditional media keen on online expansion could be interested in Friends Reunited.

ITV executive chairman Michael Grade is expected to confirm his decision to jettison the business when the company reports annual results next month. ITV has declined to comment on the speculation.