Sky, ITV Each Invest GBP1.55 Million in Gynx TV

By Olga Cotaga

LONDON--Sky PLC (SKY.LN) and ITV PLC (ITV.LN) Tuesday said they have invested 1.55 million pounds ($2.05 million) each in Ginx TV, the owner of the U.K. and Ireland's 24-hour eSports TV channel.

Both broadcasters will have the option to increase their stakes in the channel, Sky said. ITV said its investment gives it 17% in Ginx TV, adding that it has the right to buy the remaining part of the business if Sky doesn't want to increase its stake in the channel.

Ginx TV launched on the Sky platform in June, Sky said.

At 1500 GMT, Sky's shares were down 4 pence, or 0.5%, at 855 pence, valuing the company at GBP14.7 billion. ITV shares were up 3 pence, or 1.6%, at 197.10 pence valuing the company at GBP7.93 billion.

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

September 20, 2016 11:27 ET (15:27 GMT)

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