Friends Reunited worth just an estimated £20m

Friends Reunited, the social networking site bought by ITV for £175m in 2005, is worth between £20m and £40m according to the JP Morgan. The financial analysts have advised ITV to cut their losses and flog the ailing website before its value drops even further.

But it may be difficult for the television network to sell the website which has been struggling to attract new users according to comScore while watching its 5m unique users in 2006 dwindle to just 1.7m by December 2008.

While AOL paid £417m last year to buy Bebo last March, the price has since been queried in a number of quarters. Either way Friends United founders Jason Porter and Steve Pankhurst won't care as they pocketed £175m when they handed the company over to ITV back in 2005.

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