22nd Sep 2023 16:45
(Alliance News) - ITV PLC on Friday said it is adding plant-based meat business THIS, Plant Meat Ltd, to its "Media for Equity" portfolio.
The London-based television broadcaster and content producer said it has agreed to subscribe for GBP1.5 million of shares in Plant Meat. The deal has an option for an additional two tranches of GBP1.5 million each, in return for advertising inventory across ITV's Channels and ITVX. ITVX is the company's new, free, ad-funded streaming service.
ITV noted that it is its first investment in a food company and the fourth "Media for Equity" investment that ITV has made this year.
It follows investments into architectural design company Resi Design Ltd, pet health and wellness company Pitpatpet Ltd, and pain relief brand Flarin Holdings Ltd.
ITV added that the investment is part of ITV Adventures Invest, its "Media for Equity" investment fund. ITV Adventures was launched in 2021. The programme sees ITV take minority stakes in "in early stage digital and direct-to-consumer businesses", in return for advertising inventory across ITV's range of channels and ITVX.
Sheena Amin, director of ITV AdVentures, said: "As the fastest growing plant-based brand in the UK over the last two years, with broad retail distribution and strong product innovation, THIS is very well positioned to continue its strong growth within the plant-based meat alternatives sector. We expect consumer demand for conscious consumption to continue to grow and with a broad set of products at attractive price points, THIS is the perfect brand to help make conscious eating accessible to all."
ITV shares fell 1.8% to 72.98 pence each on Friday in London.
By Sophie Rose, Alliance News reporter
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