(Alliance News) - ITV PLC on Thursday announced it is acquiring a minority stake valued at GBP2 million in what3words Ltd in return for advertising inventory across its range of channels and the ITV Hub.
what3words is an online location service platform that has divided the world into 3 metre squares with a three-word identifier. For example, the front door to ITV's head office can be found by keying in "drama.keen.buyers".
The London-based broadcaster said this investment is part of its Media for Equity programme, which is an opportunity for early stage businesses looking to build scale through TV advertising, alongside a strategic media partner.
ITV said it has appointed media investor and venture capitalist Niko Waesche to lead the initiative, who co-founded German independent media for equity fund German Media Pool.
"This new equity scheme marks an opportunity for ITV to invest in and support entrepreneurial consumer-focused companies, whilst diversifying and expanding upon our existing clients and relationships. This initiative will also demonstrate to digital-led businesses the power of ITV's weekly reach of over 40 million people, as well as the storytelling and brand-building capabilities of TV," said ITV Commercial Managing Director Kelly Williams.
Shares in ITV were up 0.1% at 126.15 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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ITV (ITV)