22nd May 2024 13:07
(Alliance News) - ITV PLC on Wednesday said it has invested in online estate agent Strike, trading as Purplebricks, as part of its latest media for equity investment.
The London-based television broadcaster and content producer said the investment is its first of 2024.
It has agreed to subscribe for GBP1.5 million of shares in Purplebricks. 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.
Founded in 2012, Purplebricks is a UK estate agency.
Sheena Amin, director of ITV AdVentures, said: "The powerful combination of Strike's consumer proposition which allows homeowners to sell their house for free together with the Purplebricks brand, makes the business a great fit for a media for equity investment. We believe that the company is well positioned to continue their disruption of the estate agent market and we aim to help build both their brand awareness and market share by using the power of TV to bring their message to millions of viewers."
Share in ITV were up 1.2% to 77.65 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News senior reporter
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