Friends Reunited launched in 2000--three years before MySpace, four years before Facebook, and five years before Bebo--and is now in trouble and struggling behind its more dynamic competitors
"Valuing a business as lightly spun as a "social network" requires bankers to perform marvels of prestidigitation. Yet, that is the feat facing ITV, the struggling UK broadcaster, as it considers a sale of Friends Reunited. ITV bought the website, which helps former schoolmates reconnect, for 175 million pounds in 2005 in an attempt to boost its online presence. Now ITV may wave goodbye to Friends."
More on the article here from the Financial Times:
http://www.ft.com/cms/s/2/2ad8a68a-fd9e-11dd-932e-000077b07658.html
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