20th Sep 2016 15:01
LONDON (Alliance News) - Sky PLC and ITV PLC said Tuesday that both companies have taken up equal minority stakes in eSports television channel owner Ginx TV.
ITV and Sky said they had both invested GBP1.6 million in Ginx TV, leaving each with a 16.5% stake in the company, which owns 24-hour UK and Ireland channel GINX eSports TV. Both companies have the option to acquire further holdings in Ginx, and if either party does not take up its option the remaining party may have the option to acquire a 100% interest.
The companies had previously said they would take a stake to support the eSports channel, which launched on Sky in June. The channel will show major eSports tournaments as well as independent programming, including Turner Broadcasting System Inc's ELEAGUE tournament, FACEIT's eSports Championship Series, and Valve Corp's The International Dota 2 tournament which GINX will cover live from its new studio in King's Cross.
In its accounts for the year ended December 2015, Ginx TV reported a pretax loss of GBP700,000 and gross assets of GBP900,000.
Shares in ITV were up 1.6% at 197.20 pence, and shares in Sky were down 0.5% at 854.50p Wednesday.
By Adam Clark; [email protected]
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