The company has acted in a similar role for Arsenal and Liverpool but this is their first venture into Scottish football.
Ali Russell, Hearts' commercial director, said: "We are delighted to be working alongside Granada Ventures to achieve a range of major commercial targets. The fact that they have worked at the highest level of football in the UK demonstrates their ability to deliver the very best commercial values to their clients and our determination to position Hearts as a major football business."
Ed Abis, commercial manager for Granada Ventures Sports Services, added: "Hearts is an ambitious and well-supported club with a rich heritage. We are excited at the prospect of working across a number of key commercial areas and bringing our significant experience to help Hearts achieve its goals. “
Granada Ventures is the merchandise, licensing and publishing division of ITV plc and currently works with more than 60 licensees in 70 countries.
