Dragon's Den star Peter Jones's new TV show has been axed from its peak-time slot. ITV is moving Tycoon following terrible ratings. The show was produced by the star's specially created production company Peter Jones TV. The multi-millionaire, 41, has invested £160,000 in the ITV1 business reality programme. Some critics dubbed his peak-time TV offering Dragons' Den meets The Apprentice, and Peter as 'Sir Alan Sugar Lite'. As well as shunting the show to the 10pm slot, ITV is reducing each one-hour episode to half an hour. The 9pm slot that's been home to Tycoon will initially be replaced with a one-hour drama, yet to be decided. TV bosses had waited to see what happened with the second episode before making any rescheduling decisions. Tycoon's debut was watched by two million viewers, while the second instalment on Tuesday night attracted even fewer - 1.9 million. Britain's Got Talent was seen by 6.8 million when it ran at the same time on ITV1 earlier this month. An ITV spokesman confirmed: "Tycoon has been moved into a new slot. "ITV1 has performed very strongly so far in 2007, with some of our best results for three years, and we have taken a commercial decision to protect that performance. "Happily we have been able to return the series to a new slot." Tycoon sees Jones, whose business portfolio is worth an estimated £200 million, invest time and money in six businesses. Tycoon will return on Monday July 9, also moving from a Tuesday to a Monday.
