UTV New Media has expanded its digital portfolio by acquiring a major stake in the influential Northern Ireland property website, PropertyPal.com
The company has bought a 50% share in the portal, which was set up three years ago.
PropertyPal.com already offers the largest number of NI properties for sale and rent through leading estate agents - and will now be supported by television and radio campaigns on UTV and U105.
Errol Maxwell, the founder of the site, will continue as managing director and the website's eight staff will be based at UTV's headquarters in Belfast.
Jeremy Biggerstaff, managing director of UTV New Media, said: "This is a strategic investment which we believe represents a good fit for our business.
"It is a move that complements our growing digital suite of 'classified portals', since we have already made significant investments in the car market with UTV Drive, and the recruitment industry with RecruitNI."
PropertyPal.com went live in December 2007 and now has more than 30,000 properties for sale and 3,500 properties to rent in towns and cities across Northern Ireland. The company has experienced significant increase in online traffic since 2008.
Errol Maxwell, managing director of PropertyPal said: "We focus exclusively on properties within the local Northern Ireland market and since the beginning of 2010 have been the number one property website offering the greatest number of homes for sale or rent.
"This partnership with UTV New Media puts us in a very strong position to grow the business and improve our service to estate agents and property purchasers alike."
UTV New Media is part of UTV Media plc - one of the most successful media companies in the UK and Ireland - which also incorporates television and radio.
© UTV News