BSkyB Buys Stake In LetsBuyIt.com

Broadcaster BSkyB has signed a deal with e-commerce business LetsBuyIt.com. The group paid £10 million for a stake in the pan-European company, which specialises in co-buying.

Selling products ranging from kitchen appliances to resort holidays, LetsBuyIt.com brings together people who want to buy the same product and allows them to negotiate prices online. The more people interested in a product, the better the price, as bulk purchasing brings down the costs.

The two companies will set up a co-branded website to sit within BSkyB’s online shopping directory, Skybuy. They also plan to develop television programming, and LetsBuyIt.com will advertise on Sky platforms.

John Swingewood, Sky’s director of new media, said: “The defining principle behind LetsBuyIt.com is its simplicity. Today’s deal reinforces Sky’s commitment to innovation in e-commerce as well as providing great discounts for our subscribers.”

BSkyB: 020 7705 3000