Business Services Industry
Administrator Faces Mammoth Task to Turn Around Britain's ITV Digital.
Knight Ridder/Tribune Business News, March, 2002
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Mar. 28--Shares in Granada and Carlton leapt as they finally bit the bullet and put their weakest link, ITV Digital, into administration.
The decision spells disaster for football clubs, but the City had been hoping for decisive action for some time since the cash-strapped owners failed to make enough progress in their cost-cutting drive.
Carlton rose 5 3/4 pence to 272 pence, Granada 4 pence to 142 1/2 pence on hopes that they will be able to stop pouring cash into the venture. They were expected to spend at least UKpound 300 million on it this year, but want to halve the costs.
The loss-making pay-TV business is now in the hands of Deloitte & Touche...
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