ITV has acquired a controlling stake in New York-based independent producer of reality and scripted programming DiGa Vision.
ITV’s upfront cash payment for a 51 per cent stake in the company also includes a put and call option to buy the remainder of the company which could be exercised from between three to six years, with the total amount paid linked to DiGa Vision’s performance over that period. The multiple paid is similar to the rage paid on ITV’s previous acquisitions.
Launched in 2011, by former MTV executives Tony DiSanto and Liz Gateley, DiGa Vision’s original programming includes MTV’s Girl Get Your Mind Right and Ke$ha: Crazy Beautiful Life as well as MTV’s longest-running scripted series Teen Wolf.
“Tony and Liz have an excellent track record in creating original, engaging and compelling reality and scripted programming with an impressive content pipeline which feeds into numerous networks. They’re a true creative force and will be a great addition to the ITV Studios US Group of companies. They have developed a brilliant understanding of pop culture and really know what appeals to the key teenage and young adult demographic which is reflected in their online, mobile and social media strategy together with a successful brand extension and merchandising arm,” said Pail Buccieri, president and CEO, ITV Studios US Group, of the acquisition.
DiSanto and Gateley added: “We are thrilled to join forces with ITV, a company that is truly committed to creative risk taking and great content. Paul Buccieri and his team share our sensibility and enthusiasm for breaking new creative ground and we look forward to this next step in DiGa's evolution.”
The purchase marks another step in ITV’s strategy of building an international content business and adds to the group’s growing portfolio of international production companies on both sides of the Atlantic.