ITV announces investment in Live Tech Games

RNS Number : 4755G

ITV PLC

26 July 2021

 

26 July 2021

ITV ANNOUNCES INVESTMENT IN Live Tech Games

ITV has agreed to invest £2.5 million in cash for a minority shareholding in Live Tech Games Ltd.

Live Tech Games is pioneering a new wave of mobile entertainment, creating live, player-vs-player, accessible, short-form games and transforming them into rewarding nationwide experiences on your mobile phone. The company is developing simple games that are designed to bring the general public together in short five-to-ten-minute bursts that enrich their daily routines.

This investment has arisen as part of Studio 55 Ventures, an ITV initiative launched in 2020 that seeks to invest in new business ideas that are unique, solve identifiable consumer needs and which are aimed at materially enhancing ITV's reach amongst 16-34 year olds.

NOTES:

1.  The investment will not be consolidated and will be held at its fair value on ITV's balance sheet

2.  In the unaudited accounts of Live Tech Games Ltd for the period ended 31st March 2021, reported gross assets were £0.8m and the reported loss was £0.3m

3.  This disclosure is being made in accordance with listing rule 10.4.1 as the parties have agreed to certain customary minority rights and obligations including but not limited to drag obligations

For further enquiries please contact:

Investor Relations:

Pippa Foulds:    [phone]

Faye Dipnarine   [phone]

Media Relations:

Paul Moore:    [phone]

Laura Wootton: [phone]

 

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