Osborne Clarke has advised ITV AdVentures on its investment in online estate agent Strike, trading as Purplebricks, being ITV's latest 'Media for Equity' investment.
Osborne Clarke advised ITV AdVentures Invest, ITV's Media for Equity investment fund, on its agreement to subscribe for up to £4.5 million in convertible loan notes in Strike Limited, comprising an initial £1.5 million subscription and including the option for an additional two tranches of £1.5 million each, in return for advertising inventory across ITV's channels and ITVX. Following ITV's investment, the new Purplebricks TV advertising campaign will kick off nationally in Summer 2024.
Launched in 2021, ITV AdVentures Invest is a Media for Equity programme which sees ITV take minority stakes in early stage digital and direct-to-consumer businesses, alongside venture capital investment, in return for advertising inventory across ITV's range of market-leading channels and ITVX. The initiative represents an innovative opportunity for consumer businesses seeking to build scale through TV advertising, alongside a strategic media partner.
The Osborne Clarke team that advised ITV consisted of Partner Ken Wilkinson and Senior Associate Kamila Bochenek, with support from Associate Mary Hughes.
Osborne Clarke's Corporate team is a go-to practice for many companies in the tech, media and comms sectors, working with global businesses to fast-growth start-ups and market challengers. It is widely recognised for its corporate expertise in these dynamic markets, and its track record advising on corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs across Europe, North America and globally.
