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New ITN first loss -
ITN first loss
UK’s ITN has revealed its first-ever loss though to be less then £10 million (E11.5m). Last year, ITN made a pre-tax profit of £4.1m on turnover of £105 million.
The company makes news bulletins for ITV and Channel 4, and is owned by Daily Mail & General Trust, United Business Media and Thomson Reuters which each have a 20 per cent stake, with ITV holding the remaining 40 per cent.
The biggest blow has been the closure of Setanta Sports News, the news channel operated by the Ireland-based sports channel network that went into administration this year. Revenue from Setanta made up approximately 5 per cent of ITN’s sales in 2008.