ITV Digital losses could run to £2bn

Claire Billings,, brandrepublic.com, 01 July 2002, 10:30AM

LONDON - ITV Digital, the collapsed digital terrestrial broadcaster, could have sunk owing as much as £2bn, £800m more than the £1.2bn it was originally believed to have owed.

More sharing options

The figures were revealed at the latest meeting between ITV Digital's administrator, Nick Dargan of Deloitte & Touche, and the broadcaster's creditors.

Minutes of the meeting, reported in the Mail on Sunday, show that a number of the company's outstanding debts had not appeared on its balance sheet.

ITV companies Carlton Communications and Granada

had each shouldered some of ITV Digital's losses, while some losses were treated as capital spending, meaning that the figures in the company's trading statement did not reflect the true depth of its financial crisis.

ITV Digital's creditors include BSkyB, which supplied channels, and Crown Castle, which supplied transmission services, and the Football League, as well as Carlton and Granada.

Creditors were told at the meeting that ITV Digital's auditor would be able to salvage around £50m with which to pay back creditors.

If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.

More about

blog comments powered by Disqus

Latest jobs Jobs web feed

PR Account Manager fishtank 24k to 33k per year GBP, Surrey
Brand Manager Radisson Blu Edwardian, London Competitive , South Kensington, London
Junior Account Manager fishtank 22k to 28k per year GBP, Buckinghamshire
senior planner > SPORTS BRANDS collectivo Up to £90,000 plus benefits, London
Head of Media, Marketing & Communications PGA Competitive, Sutton Coldfield, West Midlands
Graphic/Web Designer fishtank 27k to 35k per year GBP, United Kingdom