SHED MEDIA, the UKTV production company behind programmes such as Supernanny and Footballers Wives, has been bought by America’s Warner Bros for £100m.
The deal, which has already received approval from 73 per cent of Shed shareholders, sees Warner Bros offer 115p for every share investors hold.
Under the agreement, Warner Bros will retain a 55.75 per cent stake, while Shed’s management will hold a 21.37 per cent stake, with the remainder held by key staff.
Shed said the deal would help it to grow as it will now have the backing of a large international company, while Warner Bros, which is owned by Time Warner, will gain a presence in the UK once the sale is complete.
“The UK is an important television market, with a robust, thriving local production sector,” said Ronald Goes, head of international TV production for Warner Bros.
He said: “The acquisition of Shed provides Warner Bros Television Group with immediate scale in UK production and complements our existing television production and distribution businesses.”
“[Warner Bros] has an unrivalled reputation both creatively and in international distribution and my management team are excited about being in the vanguard of [its] initiative to build on its international production network,” said Shed chief executive Nicholas Southgate.
Shed’s board includes Eileen Gallagher, who owns a 7.5 per cent stake in the group, Nicolas Powell who owns 11.7 per cent. Other members of Shed’s board include Alexander Graham, who owns an 11.9 per cent stake in the group.