ITV PLC (LSE:ITV) (LSE:ITV) said it has acquired a minority stake in ismybillfair.com, a website that allows UK households to save money on their energy bills through their current supplier rather than switching.
The FTSE 100 broadcaster said it has acquired the stake, valued at £1.25mln, in return for access to advertising inventory across its channels and its ITV Hub streaming service, adding that it also has an option to invest a further £1.25mln in the website.
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"ismybillfair.com was launched by seasoned industry experts who understand the needs of both the energy providers as well as UK households so we liked this win-win proposition as soon as we heard about it,” said Niko Waesche, fund manager of ITV AdVentures Invest, the broadcaster’s new venture capital arm.
“It's an extremely useful service for British consumers and we're looking forward to bringing it to a mass audience, and helping ismybillfair.com to grow, through ITV's unique reach," Waesche added.
Shares in ITV were down 0.5% at 114.6p in late morning trading on Tuesday.