Carlton Communications Plc and J Sainsbury plc today announced that they have agreed to dissolve the Taste Network, their joint venture television and internet food and drink project which brought together Sainsbury’s and Carlton’s food internet sites alongside the Carlton Food Network television channel.
On 1st September 2001 Sainsbury’s will resume sole control of the web-based recipe and wine assets, and Carlton will resume sole control of the Taste/Carlton Food Network channel. The taste.co.uk website will close.
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Matthew Kearney, Director of Business Development at Carlton Communications, said:
“Taste was an innovative project but has suffered from weaker than expected growth in advertising and e-commerce revenues in a generally difficult market for niche channels. Accordingly, we have agreed to dissolve the joint venture and return the constituent activities to the parent companies”.
Angela Megson, Sainsbury’s E-commerce and Business Development Director, said:
“We have jointly agreed that we should take back the assets that we invested rather than begin to invest capital when the market conditions are no longer right for testing our concept. We will merge the taste.co.uk website assets with those of Sainsbury’s current websites.”
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By GlobalDataTo view related research reports, please follow the links below:- Food Information on the Internet – An Essential Guide 4th Edition |
