Carlton Communications has acquired a 20 per cent stake in the internet recruitment company, PeopleBank, for around £2.5 million.
The cash injection provides PeopleBank with the capital it needs for the next stage of expansion, which will include extensive advertising and promotional activity.
The deal is a significant one for Carlton. It represents the first time a broadcaster has moved into the classified advertising market and also marks the first in a series of investments by Carlton in internet companies.
Launched in 1995 PeopleBank was one of the UK's first online recruitment firms onto the web. However, the company is now facing stiff competition from US companies such as the TMP-owned Monster.com online recruitment network, which last week began a UK television advertising campaign.