ITV buys majority stake in US production firm

 
Suzie Neuwirth

ITV said today that it is acquiring a controlling stake in US TV producer Thinkfactory Media, which produces shows such as ‘Preachers’ Daughters’, ‘Gene Simmons Family Jewels’ and ‘Dogg After Dark’.

The British media group will pay an upfront cash consideration of $30m (£19m) for a 65 per cent stake in the company, with a put and call option to buy the remaining 35 per cent.

The option can be exercised between three and five years after the initial deal, with the total amount paid linked to the performance of the company over that period.

The acquisition is the latest in a flurry of purchases. ITV bought a majority stake in the US reality TV producer High Noon Entertainment back in May, as chief executive Adam Crozier attempts to offset slower advertising revenue growth by boosting the ITV Studios production business.