ITV Chairman Calls Google's Youtube and Joost, "content Parasites"

When you can't beat competitors (out of frustration), start throwing names at them. This is exactly what ITV executive chairman, Michael Grade did at the IBC broadcast conference in Amsterdam last Friday when he said that online video websites like Youtube, Joost or dailymotion were merely parasites.

ITV plans to invest more than GBP 1 billion annually in content creation and TV shows, much of which will almost certainly find it way on one of the websites aforementioned.. But Grade, far from appearing bitter, said that it did not consider that technology companies like Google are a potent threat for now.

Instead he said "The day that Google or Joost or any of these people start investing £1bn a year in UK content is the day I'll start to be worried" and that TV would still remain the "shop window" for the best in terms of quality.

Google has overtaken ITV as the biggest recipient of advertising money in the UK and ITV's share price has fallen down substantially after the media operator failed to fend off competition from online tech companies and rivals.

Its pretax earning also fell by 20 percent in August prompting the company to review some of its future targets including one which promised to get GBP 150 million online revenue soon.

Indeed, while Sky has purchased a stake in ITV - partly to prevent it from collaborating with Virginmedia, there has been a number of rumours about ITV being acquired by Endemol or Mediaset.