ITV Digital losses could run to £2bn
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.
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.
Latest jobs Jobs web feed
- Senior Mobile Manager Ultimate Asset £35000 - £50000 per annum + excellent benefits, City of London
- International Marketing Manager Ball & Hoolahan £50,000 + Car/Car Allowance, London
- Senior Data Planner - Superb Agency - Soho - up to £50k Fill Recruitment Ltd to £50k + great benefits, Soho, London
- Senior Account Manager Purple Consultancy £35000 - £42000 per annum, London
- Account Manager Gemini Search £24000.00 - £32000.00 per annum, City of London
- Global PR Account Executive / Senior Account Exec Blue Skies Marketing Recruitment £17000 - £23000 per annum, Benefits: Bonus and Benefits , Manchester