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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.

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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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