ITV begins culling debts

ITV has sold half of its stake in cinema advertising company Screenvision to cut debt.

US private equity fund Shamrock Capital has paid $80m for its 50 per cent cut of the company, an amount that chief executive Adam Crozier insists will “positively impact our net debt”.

The broadcaster has long been trying to offload Screenvision since as far back as 2004, and last year former chief executive Michael Grade put it up for sale alongside the website Friends Reunited, which it sold for £25m – nearly a fifth of what it paid for the website in 2005.

(Source: MediaGuardian)

This article appears in issue 254 of Media Digest.

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