ITV acquires US reality and entertainment company

(Source: Reuters)

ITV has announced that it has acquired a controlling stake in the reality and entertainment supplier High Noon Entertainment (release). ITV will pay $25.65m for a 60 per cent stake in the company with a top-up payment in 2015 based on performance.

The company produces shows such as Along For The Bride, Bang For Your Buck and Cake Boss. It made an operating profit of $5.7m in 2012 and generated around 80 per cent of its production revenue from returning series.