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Here’s Why ITV Share Price Gained on Friday

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Updated: 21 August 2020

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 gains on new investments August 2020

ITV share price soared more than 0.5% to trade at 62.92p.