Friends Reunited For Sale?

Rumors are that ITV will put veteran social networking site Friends Reunited up for sale next month.

Friends Reunited began in the UK as a way for people to find former schoolmates, but was really a social networking pioneer. In 2005 it was acquired by broadcaster ITV for around $180 million.

Back then the plan was to merge all ITV’s services. But that plan has come to nothing, and ITV doesn’t seem to know what to do with the site, no longer actively promoting it, and new analysis places its value at a mere $30 million.

Last year Friends Reunited dropped its subscription charges, but figures show it’s sill losing members to newer rivals like Facebook.

All of this has led to speculation that ITV will sell the site when it releases its annual figures. The big question, however, is who might buy it.