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ITV PLC said on Wednesday it is investing in a partnership with London-based car comparison company Carwow Ltd, in return for advertising inventory across ITV's channels and the ITV Hub.
As part of the deal, the London-based television network is acquiring a minority stake in Carwow, valued at £2.5 million. ITV has the option to invest a further £2.5 million.
The partnership marks the company's first media for equity investment in 2022, ITV added.
Shares in ITV were up 6.9% at 84.63 pence each on Wednesday morning in London.
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