05 December 2007
5th December 2007
ITV plc acquires independent producers 12 Yard
First acquisition for Global Content Division as part of strategy for growth
ITV plc ('ITV') announced today that it has acquired the independent producer 12
Yard ('12 Yard' or 'the business'), a joint venture between Hat-Trick
Productions Limited and the management team of David Young and Andy Culpin.
ITV will pay an initial cash consideration of £26 million. A further payment of
up to £9 million may be made in 2011, part of which is contingent on profit
performance over a three-year period.
12 Yard is one of the leading format creators and producers in the UK. The
company was formed in 2001 by the team behind the BBC hits 'Weakest Link', 'Dog
Eat Dog' and 'Friends Like These'. The team has continued to create and produce
innovative entertainment, quiz, game and factual formats and own the
intellectual property rights behind hit shows such as 'In It To Win It', '
Eggheads' 'Who Dares Wins', 'The Great British Village Show', and the
international Emmy winning 'Without Prejudice?'.
12 Yard formats have enjoyed huge success both here and abroad with format sales
in all the major international territories including USA, Australia, Germany,
France, Netherlands and Spain.
The acquisition gives ITV immediate access to growth in the profitable gameshow
format market with significant opportunity for secondary exploitation. In
addition, Granada International will become the sole international distributor
for 12 Yard programming.
On 12th September 2007 ITV announced its content-led growth plan, including a
new strategy to accelerate growth through the acquisition of complementary
production business in high value genres with strong secondary sales potential.
Dawn Airey, Managing Director of ITV Global Content said:
'We are delighted that 12 Yard is ITV's first acquisition since the announcement
of our growth strategy, and I look forward to making further announcements in
due course. David and his team have built an iconic hit machine that will
continue to produce great shows for all its clients, but now as part of the ITV
David Young, Managing Director of 12 Yard said:
'We are immensely proud to be teaming up with Dawn Airey and the ITV Global
Content Division. ITV is the biggest commercial shop window in UK broadcasting.
At a time when the demand for global hit formats is greater than ever, Andy
Culpin and I believe that this new home can help establish the company as one of
the leading creators and producers of entertainment formats across the world.'
Tel: 0844 8818000
Jim Godfrey - Director of Corporate Affairs
Georgina Blackburn - Head of Investor Relations
Tel: 0207 353 4200
Website: www.itv.com; investor information: www.itvplc.com
ITV Global Content
Led by Dawn Airey, ITV Global Content is ITV's content division bringing
together all of ITV's UK and international production and content businesses.
ITV Productions is one of Europe's leading commercial production companies
producing more than 3,000 hours of original programming each year. It is
responsible for some of the most popular brands on UK television including
Coronation Street, Emmerdale, I'm a Celebrity...Get Me Out of Here!, Dancing on
Ice and Prime Suspect. It also produces highly-rated work for other channels
such as The Street and The Royle Family for the BBC, Brainiac for Sky and
Countdown and Longford for Channel 4. ITV Productions also made the successful,
critically-acclaimed and Oscar winning feature film of 2006, The Queen.
ITV Worldwide is made up of Granada International, Granada Ventures and
international production centres in America, Germany and Australia. Granada
International sells thousands of hours of programming from ITV Productions, and
many other independent producers, to more than 200 countries worldwide. Granada
Ventures is a major distributor of DVD entertainment in the UK and exploits
merchandising and licensing in the UK and worldwide from both ITV Productions'
bank of television programmes and other independent rights owners.
ITV owns a 25% equity holding in independent producer Mammoth and exclusive
distribution and development rights. Through Granada USA ITV owns a controlling
51% stake in US production company Jaffe/Braunstein Entertainment LLC.
This information is provided by RNS
The company news service from the London Stock Exchange