History was more like this:
Site launched
Goes mad after being mentioned on Steve Wright Radio 2 show
Business is profit making and cash generative as subscribers pay subscriptions for more than one year to the surprise of management.
Business is sold to ITV for £120 million plus earn out of £50 million
School leavers no longer use it as Facebook has taken over so new customers are non existent, ITV decide to drop subscriptions in the hope of generating new members. Does not work and income severely dented.
Business branches into new areas such as ancestry searches, which is where the value in the business is now.
ITV refocusses on core TV services and sells to DC Thompson for £20 million.