Shares of ITV PLC (LON: ITV) gained on Friday after the media group invested in a joint venture (JV) to launch its BritBox service in Australia. The new service is a result of the partnership between ITV and BBC Studios.
The service is expected to be launched before the end of the year after ITV invested AUD$17.7million (£9.6 million) into the partnership over a three year period. It will offer the paid on-demand streaming service to the Australian audience.
The investment is “consistent with the group’s aspirations to commercialise Britbox in new international markets,” analysts at Shore Capital wrote in a note.
ITV share price soared more than 0.5% to trade at 62.92p.