ITV Acquires High Noon Stake

UK broadcasters ITV has announced the acquisition of a controlling stake in High Noon Entertainment, a leading supplier of reality and entertainment shows for US cable networks.
ITV will pay $25.65m for a 60% stake in High Noon Entertainment, with a top-up payment in 2015 based on the performance of the company.
There also exists a put and call option to buy the remainder of High Noon Entertainment which may be exercised after four and six years from the initial deal.
The company made an operating profit of $5.7m in 2012 and generated around 80% of its production revenue from returning series.
"This is another important step forward in ITV’s strategy of building a strong international content business and is a significant addition to the group’s growing portfolio of production companies," a statement from the broadcaster said.
It follows ITV’s acquisition in December last year of LA-based Gurney Productions and the recent agreement to acquire The Garden in the UK.
High Noon Entertainment was founded in 1997 by former Liberty Media executive Jim Berger and his partners Duke Hartman and Sonny Hutchison.
It now supplies to 18 US cable TV networks and its portfolio includes Cake Boss, Tough Love and Guinness World Records Gone Wild.
Adam Crozier, Chief Executive of ITV plc, said: "A key part of our Transformation Plan is to create a strong international content business and this is a further significant step forward in achieving that goal. High Noon Entertainment’s range of programmes, from character-based reality shows to game shows and action series, are a great fit for our existing successful US business, ITV Studios America. I’m delighted to be welcoming Jim and his experienced and talented team to the ITV family."
www.itv.com
(IT/CD)