The Week: City News - ITV may sell social website

ITV is considering cutting about 500 jobs and selling its Friends Reunited social networking site, which has seen its value plummet since it was bought by the broadcaster in 2005 for £120 million.

Meanwhile, its ability to service its £2.6 billion pension fund is being stretched by the worsening economic conditions and raising concerns about its net debt position, which is estimated to be more than £750 million, according to analysts. It is thought that its pension deficit could increase from the £221 million reported last June to more than £300 million when the company reports its full-year results for 2008 on 4 March.