Friends reunited dating website
New revenues ITV wants to team up the website with in areas such as dating, recruitment and classifieds.
Created by the merger of Carlton and Granada, ITV controls more than half of the UK television advertising market.
Mr Pankhurst said the business was now "all grown up - it is time for my wife Julie and I to let go knowing it is in safe hands".
It's a sister site of Friends Reunited whose members have surpassed 19 millions.The site, which allows people to trace their family tree, has 46 million registered members.ITV has bought Friends Reunited, the website that links up long-lost schoolfriends, for up to £120m.It could also make a further payment of up to £55m during 2009 if performance targets are hit, the company said.ITV said the acquisition would "deliver key immediate benefits", making and Friends Reunited the UK’s eighth-largest online presence in terms of unique users.