RNS Number : 4376A
01 August 2008
1 August 2008
GRANADA AMERICA ACQUIRES STAKE IN
ELECTRIC FARM ENTERTAINMENT LLC
Investment in Digital Studio Signals Continued Growth of ITV Plc's Production Business in the U.S.
ITV, through its U.S. - based production entity Granada America, has made a minority strategic investment in Electric Farm Entertainment LLC (EFE), a leading digital studio established by company principals Stan Rogow, Brent Friedman and Jeff Sagansky. The investment is part of ITV's strategy to increase its production business in the USA and involves an initial payment of $2m for a 10% equity stake and an option to acquire a controlling shareholding at the end of 2008.
EFE specializes in the development and production of intellectual properties across multiple platforms. Current and upcoming projects include internet sci-fi show 'Gemini Division,' which recently finished principal photography in Los Angeles and the internet thriller comedy, 'Woke up Dead,' which is scheduled to begin shooting later in the year.
Lee Bartlett, Managing Director of ITV Global Content, commented: 'I'm attracted to this company because they are specializing in scripted direct-to-internet programming that is economically produced but creatively engaging. These projects have worldwide appeal to audiences and advertisers alike with the potential to grow on to other platforms including TV.'
Paul Buccieri, President and Chief Executive Officer, Granada America, added, 'Electric Farm Entertainment is a leader in the development and production of high quality and compelling content that can translate from new media platforms to traditional media outlets. I have tremendous respect for Stan, Brent, Jeff and their team and this new venture will significantly expand our company's capabilities in monetizing new medial opportunities.'
Stan Rogow, EFE CEO, said: 'We created EFE to provide content for the burgeoning new media marketplace. We are delighted to be in business with Granada America because they understand the importance of high quality content, and they share our vision for the multi-platform future.'
About Electric Farm Entertainment LLC
EFE is a digital studio for the development of intellectual properties across multiple platforms. The company principals, Stan Rogow, Brent Friedman and Jeff Sagansky, together created the revolutionary online series 'Afterworld,' as well as the original online series 'Gemini Division' starring Rosario Dawson. Rogow has produced some of the most successful series targeted at the youth audience, including The Disney Channel's 'Lizzie McGuire,' Discovery/Kids' 'Darcy's Wild Life' and 'Flight 29 Down.' The long list of credits also include NBC's 'Shannon's Deal,' the critically acclaimed show that was nominated by the Television Critics Association for the 'best show of the year,' the CBS series 'Middle Ages' and 'South of Sunset' and the UPN series 'Nowhere Man.'
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For further enquiries please contact:
Tel: 020 7156 6000
Christy Swords - Director of Investor Relations
Pippa Strong - Head of Investor Relations
James Tibbitts - Company Secretary
Caroline Heap - Global Content Press Office
Tulchan Communications (PR Advisers to ITV plc)
Tel: 0207 353 4200
Website: www.itv.com; investor information: www.itvplc.com
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