ITV buys 60pc stake in High Noon

 
Suzie Neuwirth

BRITISH media company ITV today announced that it is acquiring a controlling stake in US reality and entertainment show supplier High Noon Entertainment.

The producer and broadcaster will pay $25.65m (£16.7m) upfront for a 60 per cent stake in the US firm, with a top-up payment due in 2015 dependent on the performance of the company.

There is also an option to buy the remaining stake in High Noon, which can be used four and six years from the initial deal.

High Noon made an operating profit on $5.7m in 2012 and generated around 80 per cent of its production revenue from returning series.