ITN faces sale if investment drive fails
LONDON - ITV-owned news division ITN risks being sold if new investors cannot be found as it looks to grow internationally and expand its video library of news footage.
The company, which provides ITV's 'News at Ten' and the 'Channel 4 News', is thought to be looking at international growth and the expansion of its consultancy division as opposed to UK-based commercial growth.
According to reports in The Times the business is being prepared for sale despite ITV's unwillingness to reduce or sell its majority 40% stake.
Profits were down from £7.2m to £5m before tax in 2006 while the business’s pension fund deficit of £25.9m is said to be the biggest hindrance to a sale.
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