20th Aug 2020 17:06
(Alliance News) -Â ITV PLC on Thursday said it has agreed to invest around GBP1 million in cash for a minority stake in Cognitive Logic Inc, the owner of InfoSum Ltd.
Infosum, a data infrastructure business, is a commercial partner of ITV.
"Alongside content and distribution, data is now an essential ingredient in the media ecosystem," said ITV in a statement.
The investment will not be consolidated and will be held at fair value on ITV's balance sheet.
Earlier, ITV said it will invest invest AUD17.7 million, about GBP9.7 million, in the BritBox Australia Partnership over a period of three years.
BritBox is a British-themed streaming platform. BritBox Australia is a 50-50 joint venture partnership with BBC Studios to launch and operate the subscription video-on-demand service in Australia. BBC Studios will provide an equal contribution.
The FTSE 100 broadcaster said BritBox Australia is on track to launch in the autumn.
Shares in ITV closed down 0.8% at 61.30 pence in London on Thursday.
By Lucy Heming;Â [email protected]
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