According to the Times Online, ITV was told today that it might not be allowed to sell Friends Reunited, even for a £145 million loss.
The U.K. Office of Fair Trading (OFT) ruled that ITV’s attempt to sell Friends for £25 million to the owner of two genealogy sites could breach competition law.
The U.K. Office of Fair Trading (OFT) ruled that ITV’s attempt to sell Friends for £25 million to the owner of two genealogy sites could breach competition law.
ITV must now convince the Competition Commission to allow it to sell off Friends, which the broadcaster bought for £170 million and once hoped would make a viable British competitor to Facebook before its profits collapsed. Friends’ most successful property is its Genes Reunited genealogy site, but because Brightsolid, the prospective buyer, owns FindMyPast.com and 1911 Census.com the OFT is worried about the reduction in the number of players in that sector.
You can read more at http://business.timesonline.co.uk/tol/business/industry_sectors/media/article6899939.ece.
The BBC also has a story about this at http://news.bbc.co.uk/2/hi/business/8339199.stm.
I have found old school friends through 'FreindsReunited' and located lost family members through 'GenesReunited'. I am a paying subscriber and love these sites. It would be such a huge loss if the Monopolies Comission do not allow the sale, as ITV could just close the sites down, if unable to sell and salvage a small portion of their cost. This is a great case for bending the rules to the best outcome for all. Good luck ITV.
Clive
Posted by: Clive Bonnick | November 03, 2009 at 05:46 AM