26th Jul 2021 15:33
(Alliance News) -Â ITV PLC on Monday said it has agreed to invest GBP2.5 million for a minority stake in mobile entertainment firm Live Tech Games Ltd.
Live Tech develops "simple games that are designed to bring the general public together in short five-to-ten-minute bursts", the FTSE 100-listed broadcaster said. For the period to March 31, the Live Tech reported gross assets of GBP800,000 and a loss of GBP300,000.
The investment is through Studio 55 Ventures, an ITV initiative launched in 2020 that seeks to invest in new business ideas aimed at enhancing the company's reach amongst 16 to 34 year olds.
The investment will not be consolidated and will be held at its fair value on ITV's balance sheet.
Shares in ITV were up 0.5% at 121.60 pence in London on Monday afternoon.
By Lucy Heming;Â [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
ITV