ITV has invested in real estate agency Strike Limited, which trades as online platform Purplebricks, as part of its latest media for equity investment deal.
Brokered by the broadcaster’s AdVentures Invest arm, the move will see ITV subscribe for £1.5 million convertible loan notes in the real estate firm, with the option for an additional two tranches of £1.5 million each in exchange for advertising space across its network.
Capitalising on ITV’s six-figure investment, a new big-budget TV advertising campaign for Purplebricks will run across the entirety of the ITV portfolio including its streaming service ITVX.
“I’m delighted to be completing our first media for equity investment of the year into Strike. The powerful combination of Strike’s consumer proposition which allows homeowners to sell their house for free together with the Purplebricks brand, makes the business a great fit for a media for equity investment,” ITV AdVentures director, Sheena Amin said.
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“We believe that the company is well positioned to continue their disruption of the estate agent market and we aim to help build both their brand awareness and market share by using the power of TV to bring their message to millions of viewers.”
This latest deal follows on from a series of similar investments made by the media giant over the last two years, including pet health and wellness company PitPat, pain relief brand Flarin and plant-based meat business THIS.
Purplebricks Group CEO, Sam Mitchell added: “This is an exciting moment for Purplebricks as we partner with ITV in a significant Media for Equity deal.
“The process for buying and selling properties hasn’t changed in almost 200 years, but thanks to Purplebricks, customers are now able to sell their home for free, with no hidden costs. ITV will help us take that message to homes across Britain as we continue to build on the strong momentum of the past six months.”
