ITV acquires controlling stake in Gurney Productions
ITV has announced that it has acquired a controlling stake in Gurney Productions, a producer of factual entertainment and reality programmes for major US cable television networks.
ITV have paid $40 million for a 61.5 per cent stake in the production company, with a put and call option to buy the remaining 38.5 per cent within 3 years.
ITV have stated that the acquisition has marked a significant step forward in building a strong international content business, a key part of its transformation plan. The move has aimed to strengthen ITV’s existing position as a producer for major US television networks.
Adam Crozier, chief executive of ITV, said: “Growing ITV Studios is a key part of our strategy to rebalance the Group. Our studios business is already showing strong organic growth and the acquisition of Gurney is an important step forward as we continue to expand our international production capability.
“We see the US as a key creative market and having a sizeable presence there is central to the expansion of our global content business. ITV Studios America has been growing revenues at around 20 per cent for the last two years under the leadership of Paul Buccieri. Gurney is a great company with terrific programme brands, which will add scale to our already successful US business.”