RNS Number : 6790E
30 September 2008
30 September 2009
ITV plc HAS ACQUIRED A MAJORITY STAKE IN THE GERMAN BASED PRODUCTION COMPANY IMAGO
ITV plc's Global Content Division strengthens its position in the German format creation and production market as part of its strategy for growth
ITV announced today that its wholly owned subsidiary Granada Germany has acquired a 51.2% stake in Imago TV Film-und Fernsehproduktion GmbH ('Imago'), the Berlin based TV production business.
The deal represents further progress towards ITV's strategic objective of growing its production, format creation and distribution businesses in key international territories in order to increase Global Content revenues to £1 billion by 2012.
ITV has acquired its stake from Imago's founders and key creative talent Andrea Schönhuber-Majewski and Fabian Sabo. ITV will pay an upfront aggregate cash consideration of €2m at completion with a further cash payment of €3.7 contingent on Imago's profit performance over a three-year period to 31 December 2010. ITV also has a call option window post the publication of Imago's 2011 accounts in which it may acquire the remaining 48.8% of Imago's shares from the founders.
The deal also gives ITV the exclusive international rights to distribute and exploit content, format, and series rights retained by Imago.
Announcing the acquisition of the stake in Imago, ITV's Managing Director of Global Content, Lee Bartlett said:
'This deal fits perfectly with our plans to grow our production, format creation, and distribution businesses in line with ITV's turnaround strategy. Adding Imago to our portfolio gives additional scale to our German business, especially as Imago has a very strong creative focus generating its own exploitable formats and has excellent relationships across a wide range of German networks. I'm sure that this new alliance will bring Imago the type of benefits they need to grow and strengthen their portfolio.'
Imago founders and directors Andrea Schönhuber and Fabian Sabo said: 'This deal offers us the opportunity to grow in line with our ambitions, side-by-side with a strong complementary partner. We are delighted to have found a new home within the ITV group.'
Imago's two Managing Directors will report into Granada Germany's Managing Director, Jan Kromschröder.
Imago specialises in factual entertainment programmes and produces programmes for German networks including RTL, SAT.1, Kabel 1, RTL 2 and VOX. Recent commissions have included 'Die Ausreisser' for RTL which has been nominated for a European (rose d'Or ) and the German TV awards.
About ITV Global Content:
ITV Global Content is ITV plc's content division, bringing together all of ITV's UK and international production and distribution businesses: ITV Productions, ITV Global Entertainment and international production companies in the US, Germany, Australia and Scandinavia. In 2008, ITV Global Content has acquired Scandinavian independent producer Silverback and taken a 25% stake in UK independent production company Crackit Productions. ITV's hit formats include, 'Hell's Kitchen', 'Dancing on Ice', 'Come Dine With Me' and 'Saturday Night Takeaway'.
About Granada Germany:
Granada Germany, a wholly owned subsidiary of ITV plc, forms part of the ITV Global Content division. It has operations in Cologne and Berlin and has achieved significant growth in recent years aided by the success of German versions of 'Come Dine With Me' and 'I'm a Celebrity' which have made Granada Germany one of the top 3 production companies in Germany.
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