ITV HAS bought a majority stake in the US reality TV producer behind hit show Cake Boss, the latest in a flurry of acquisitions from chief executive Adam Crozier.
The broadcaster said yesterday it had bought 60 per cent of High Noon Entertainment, whose portfolio of titles also includes Hurricane Hunters, DIY Dominator and Guinness World Records Gone Wild.
ITV will pay $25.65m (£16.7m) for the stake, with an option to buy the remainder further down the line.
The purchase is the third studio the company has bought in six months, as Crozier attempts to offset slower advertising revenue growth by boosting the ITV Studios production business. Since the former Royal Mail and Premier League boss joined the FTSE 100 firm at the start of 2010, revenues at ITV Studios have more than doubled as it has created hits including Titanic and Mr Selfridge.
“A key part of our transformation plan is to create a strong international content business and this is a further significant step forward in achieving that goal,” Crozier said.
“High Noon Entertainment’s range of programmes, from character-based reality shows to game shows and action series, are a great fit for our existing successful US business, ITV Studios America.”
Last month, the broadcaster spent £18m on The Garden, the studio behind 24 Hours in A&E and Inside Claridge’s, and in December it made another US purchase, buying a 60 per cent in Gurney – the studio behind popular US show Duck Dynasty.