ITV Plans Online Expansion With Friends Reunited Purchase

ITV is to extend its online presence with the purchase of Friends Reunited for £120 million, as well as an extra payment of £55 million in three years’ time if the website’s performance meets expectations.

The website, which was created by husband and wife team Steve and Julie Pankhurst five years ago, has expanded rapidly in recent months to reunite ex work colleagues, neighbours and long lost family members in addition to its existing schools and colleges service.

Around 50% of the UK’s online adult population are believed to have registered with the site, which ITV plans to link with ITV.com in the areas of dating, recruitment and classified advertising.

Commenting on the acquisition, Jeff Henry, director of ITV Consumer said: “This deal combines Britain’s most popular commercial broadcaster with some of Britain’s biggest websites and most popular content online. Together they give ITV an unmatched commercial presence in the UK on television and online.

“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.”

Steve Pankhurst, co-founder of Friends Reunited, added: “When we started Friends Reunited in our spare bedroom in July 2000 we had no idea that what began as a hobby would gain phenomenon status, let alone develop into a family of successful websites. However, as the business is now run by Michael and the management team we brought in three years ago and the business is all grown up, its time for my wife Julie and I to let go knowing it’s in safe hands.”

ITV: 020 7843 8000 www.itv.com