Member Article

ITV expand US involvement

ITV has bought a 61% stake in Los Angeles based TV firm , Gurney Productions.

The broadcaster will pay $40m for a 61.5% stake in the company, with a ‘put and call option’ to buy the remaining shares.

Gurney is estimated to make $10m EBITA in 2012, and the acquisition will strengthen ITV’s existing presence across US television networks.

Gurney Productions was founded in 2005 buy Scott and Deirdre Gurney, and has produced some of the biggest cable TV shows in the US.

Adam Crozier, Chief Executive of ITV plc, said: “Growing ITV Studios is a key part of our strategy to rebalance the Group. Our studios business is already showing strong organic growth and the acquisition of Gurney is an important step forward as we continue to expand our international production capability.

“We see the US as a key creative market and having a sizeable presence there is central to the expansion of our global content business. ITV Studios America has been growing revenues at around 20% for the last two years under the leadership of Paul Buccieri. Gurney is a great company with terrific programme brands, which will add scale to our already successful US business.

“Over the last seven years the team at Gurney has built a strong and growing pipeline of high end factual entertainment and reality programmes and I’m absolutely delighted to welcome Scott and Deirdre to the ITV fold where we believe the business can continue to develop and thrive.”

This was posted in Bdaily's Members' News section by Tom Keighley .