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‘Downton Abbey’ Broadcaster ITV Projects Growth, Will Not Sell Assets

By | Wednesday July 30, 2014 @ 3:50am PDT

‘Downton Abbey’ Broadcaster ITV Projects Growth, Will Not Sell AssetsITV, the UK’s leading — and highly acquisitive — commercial broadcaster said this morning that it’s on track to deliver another year of growth despite a 3% drop in viewing figures for the flagship channel over the first six months of 2014. In releasing its half-year results, the company says external revenues are up 7% to £1,225M ($2,074M). That includes increases in non-advertising, online, pay, interactive, and ITV Studios revenues. The latter, which is one of the key areas the company has been focusing on, is up 2% to £402M ($681M). ITV has acquired a slew of independent production companies over the past nearly two years, most recently taking 80% of Pawn Stars maker Leftfield Entertainment. The broadcaster has also been on a transformation plan to reduce debt and says its total cost savings for the full year is ahead of target at about £15M ($25.4M). The acquisitions, it says, will “ensure continued good growth in ITV Studios this year and into next year” while a return to organic growth will be seen in 2015 helped by investment in scripted programming. The evolving strategy will include an increasing emphasis on international content creation and distribution. However, ITV is not expecting to be acquired itself. Liberty Global recently bought BSkyB’s 6.4% holding in ITV, but boss Adam Crozier said today that the broadcaster doesn’t plan to sell parts of its business. “We are certainly not considering selling off any parts of this business; … Read More »

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ITV Studios Acquires 80% Of ‘Pawn Stars’ Producer Leftfield Entertainment For $360M

By | Tuesday May 6, 2014 @ 11:18pm PDT
Nellie Andreeva

Pawn Stars - group shotITV Studios continues its rapid expansion with another acquisition — a controlling stake in reality production company Leftfield Entertainment Group, which is behind such series as Pawn Stars and Real Housewives Of New Jersey. ITV will pay $360 million for 80% of Leftfield, with further payments dependent upon Leftfield’s profits. There are put and call options in place to buy the remaining 20% under which a call option can itvstudiosbe exercised from three years after the initial deal and a put and call at the end of year five. The deal makes ITV Studios US Group the largest independent unscripted producer in the U.S., the company says.

The acquisition, brokered by About Corporate Finance, also gives ITV Studios a presence on both the East and West Coasts. Leftfield Entertainment, founded by CEO Brent Montgomery, follows ITV’s acquisition in the last 18 months of Gurney Productions, High Noon Entertainment, Thinkfactory Media and DiGa Vision in the US as well as UK producers So Television, The Garden and Big Talk.

Before being acquired, Leftfield Entertainment Group itself was a buyer — the company was created when Leftfield Pictures acquired Sirens Media last March, followed shortly afterwards by the creation of two joint ventures – Loud Television and Outpost Entertainment. Leftfield Pictures sold its first series in 2008 and the group now produces more than 300 hours of unscripted … Read More »

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The Indie TV Production Company Buying Spree: What’s Behind It? When Will It End?

itv-new-logoA rash of acquisitions of European and U.S. independent production companies has been steadily spreading over the past year and a bit. One exec says, “We joke that there’s a transaction a day.” Leading the charge is the UK’s ITV, which has been on a shopping spree since it first bought a controlling stake in Duck Dynasty maker Gurney Productions in late 2012. Also acquisitive has been the Pro Sieben-owned Red Arrow, which recently bought Say Yes To The Dress maker Half Yard Prods. But it’s a two-way street: NBCUniversal already owns Downton Abbey producer Carnival Films in the UK as well as Monkey Kingdom and Chocolate Media, among others. Warner Bros last month entered an agreement to take over the global interests, outside the U.S., of Dutch company Eyeworks, and has a majority stake in UK production group Shed Media. Core Media is also known to have its eyes open to UK purchases. What’s more, many of these outfits also own companies in the hot Nordic redarrowregion. And now there’s word that giant FremantleMedia may be moving in on vast group All3Media. A TV industry exec says, “We had the super-indies and now there’s a new breed of mega-indies.” If FremantleMedia acquires All3Media, it would create what an observer describes as “a very big beast.” Fremantle is a large group with significant turnover and some of their properties are getting older, an exec suggests. “It’s very difficult to replace that scale just through new productions.” However, I’m cautioned that should a deal be done, it won’t be in the imminent future.

SherlockSo what’s been driving all this consolidation and cross-pollination? For one, with TV channels proliferating in the U.S., whether it be via basic cable or digital platforms, foreign outfits see a prime opportunity to establish a foothold and build scale. In the reverse, U.S. companies moving into the booming UK production sector know that broadcasters are doling out a lot of cash for original content. Read More »

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ITV Reports 30% Increase In Pre-Tax Profit For 2013; Still On The Hunt For Acquisitions

By | Wednesday February 26, 2014 @ 2:44am PST

itv-new-logoBritain’s ITV has been on a shopping spree in the past 18 months, acquiring controlling interests in production compaines in the U.S., the UK and the Nordics. Today, the UK’s leading private broadcaster announced its full-year results for the year ended December 31, 2013. Pre-tax profits are up 30% to £435M ($725.6M). External revenue was up 9% to £2.39B ($3.8B) and non-advertising revenue, a key indicator, grew to £1.21B, an increase of £175M. The home of Downton Abbey and The X Factor (to which Simon Cowell is returning later this year) had its best year-on-year performance in a decade with viewer share up 4%. Its production arm, ITV Studios, had 20% growth with operating profit up 24% to £133M. The division makes such shows as Mr Selfridge, expected to return for a third season, and last year’s Breathless. The company, which is nearing the home-stretch of a five-year transformation plan, will continue to look at acquisitions. A cost savings of £28M was delivered in 2013 with a target of a further £10M in 2014. The board is proposing an ordinary dividend of 2.4 pence to give a full-year dividend of 3.5 pence, up 35% — and a special dividend of 4 pence in line with last year. Non-advertising revenue is expected to be up 5% to 6% in the four months through April 2014. ITV CEO Adam … Read More »

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Global Showbiz Briefs: ‘Vice’ Attracts Berlin Buyers; Umedia Takes ‘Six Dance Lessons’; ITV To Launch New Channel

By | Thursday February 13, 2014 @ 2:51am PST

Berlinale 2014 badgeProving yet again the affinity global distributors have for Bruce Willis, K5 International has enjoyed a strong sales run at Berlin with Vice. The Willis-starrer has nearly sold out with more than 37 territories biting. The Emmett/Furla/Oasis Films picture, produced by Randall Emmett, George Furla and Adam Goldworm, was picked up across Scandinavia, Russia, Benelux, Japan, China, Indonesia, Hong Kong, Thailand, Israel, Portugal, Russia, Czechoslovakia and France. The film had previously sold to Germany, Poland, ex-Yugoslavia, Latin America, the Middle East, Turkey, Greece, and India. Shooting starts in Alabama next month on the movie that’s set in a resort where the rich live out their most perverse fantasies via synthetic humanoids. When one becomes self-aware and breaks out, she seeks her revenge. Willis plays the resort’s owner and Ambyr Childers is the renegade android. Thomas Jane is also in the cast. Brian A. Miller is directing from a script by Andre Fabrizio and Jeremy Passmore. Read More »

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New ITV Encore Channel To Air Top-Drawer Drama Series In Partnership With Sky

By | Wednesday January 29, 2014 @ 1:36am PST

itv1Britain’s ITV is launching its first new channel in eight years. Pay channel ITV Encore will debut later in 2014 on Sky‘s platforms and will be dedicated to the best of the broadcaster’s British drama. ITV’s flagship station, ITV1, is home to Downton Abbey, Broadchurch and Mr Selfridge, among others. I understand the play for Encore is to air series like murder mystery Lucan and Brenda Blethyn detective show Vera, both of which are produced by ITV Studios. From 2015, ITV Encore will act as a further outlet for original British drama with high-end series to be commissioned for the channel with big talent attached, ITV promises. The channel bow is part of a wider four-year partnership with the 21st Century Fox-controlled pay-TV operator, Sky. Under that agreement, ITV content will be made available through Sky’s various range of connected platforms including Sky+HD, Sky Go, NOW TV and Sky Store. ITV CEO Adam Crozier, deep into a five-year transformation plan at the broadcaster which has reduced debt and resulted in several company acquisitions, said today, “A key part of our strategy is to become the most watched, most loved and most talked about family of free and pay channels for every household and every advertiser in the UK.”

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ITV Revenues Up 11% To $871M; Boss Downplays Nordic Acquisition Chatter

By | Monday July 29, 2013 @ 11:39pm PDT

UPDATE, TUESDAY AM: ITV has been on a shopping spree this year with its most recent acquisition, Britain’s Big Talk Productions, announced just last Friday. But ITV chief Adam Crozier told reporters on Tuesday morning that, for the moment, the company is “not looking” at further shingles in the Nordic regions where it is also active. That should lay to rest recent speculation that the UK’s leading private broadcaster was mulling a £90M ($134M) takeover of Helsinki-based Nice Entertainment. Crozier’s comments came on an call discussing ITV’s half-year results. The company this morning reported a revenue hike of 11% to £568M ($871M). The increase was primarily driven by in-house producer ITV Studios and the company’s online, pay and interactive divisions. ITV Studios revenues were up 11%, to £395M, with overall EBITDA up 11% to £291M. The company says it is on track for cost savings of £20M as part of Crozier’s five year transformation plan. Net debt was £52M. Net advertising revenue is expected to be broadly flat for the nine months to end September, but the company says it is “confident of delivering double digit revenue growth in Online, Pay & Interactive and ITV Studios over the full year.” Crozier said, “We’re making good progress with our strategy of growing and rebalancing the business as we build new revenue streams and improve margins.” Of the recent acquisitions which also … Read More »

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Report: ITV Eyeing £90M Acquisition Of Finland’s Nice Entertainment

By | Monday July 8, 2013 @ 6:51am PDT

The UK’s leading private broadcaster has been on a production company shopping spree over the last several months in both the U.S. and Europe. In December 2012, it acquired a controlling interest in Gurney Productions (Duck Dynasty) followed by majority shares in Thinkfactory Media (Hatfields & McCoys) and High Noon Entertainment (Cake Boss). ITV also has controlling stakes in The Garden and So Television in the UK, Mediacircus in Norway and Tarinatalo in Finland. In a bid to increase its presence in super-hot Scandinavia, the group is now mulling a £90M ($134M) takeover of Nice Entertainment, according to The Sunday Times. The Helsinki-based Nice also has branches in Norway, Denmark and Sweden. It produces over 100 drama and reality series per annum including Hidden Tracks, The Half Brother, Babes On The Bus and Celebrity Babysitter. The Times says that Finnish investment firm Capman has hired Stella Advisors to auction the business which is on course to increase profits by about 35% to $12.8M this year. Sources indicated that other interested parties could include Fremantle, Sony and Time Warner. ITV had £108M in cash at the end of March, but if boss Adam Crozier were to buy Nice, it would be the most expensive acquisition he’s made so far. Read More »

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ITV Pays $30M For Controlling Stake In ‘Hatfields & McCoys’ Producer Thinkfactory Media

By | Wednesday June 19, 2013 @ 12:43am PDT

In yet another U.S. acquisition, Britain’s ITV is taking a controlling stake in reality, entertainment and drama producer Thinkfactory Media. Among the company’s credits are the award-winning miniseries Hatfields & McCoys. ITV will pay $30M for a 65% share of the company with a put and call option to buy the remaining 35%. The option could be exercised from between 3 years after the initial deal and at the end of year 5 with the total amount paid linked to the performance of the company over that period. Late last year, ITV acquired a controlling interest in Duck Dynasty producer Gurney Productions and in May it took a slice of Cake Boss maker High Noon Entertainment. Other recent acquisitions include UK production company The Garden. The takeovers are part of ITV’s five-year Transformation Plan.

LA-based Thinkfactory was founded in 1992 by Leslie Greif. Its portfolio includes R&B Divas, Preachers’ Daughters, Marriage Bootcamp and The Hook-Up as well as new drama series Texas Rangers for the History Channel. Read More »

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‘Duck Dynasty’ Maker Gurney Productions Sells Controlling Stake To ITV For $40M

By | Saturday December 22, 2012 @ 1:14am PST

The makers of hot cable show Duck Dynasty have just cashed out. British television giant ITV announced today that it’s expanding its U.S. production arm ITV Studios America with the acquisition of Gurney Productions. ITV is paying $40 million for a 61.5% controlling stake in Gurney Productions, best known for Duck Dynasty as well as Auction Hunters, American Digger and Haunted Collector. ITV also has a put and call option to buy the remaining 38.5% which can be exercised from 3 to 5 years after the initial deal. “Gurney Productions is a high margin business with three quarters of its revenues coming from returnable series. The company’s EBITA for 2012 is forecast to be at least $10M,” ITV said Saturday. Gurney Productions will report directly to Paul Buccieri, Managing Director of ITV Studios International and President/CEO of ITV Studios America. Further, Gurney Productions’ revenues will be included in ITV Studio’s international revenues starting in 2013. Sources said the maximum total consideration payable by ITV is $111M, depending on the performance of Gurney Productions over the next 3 to 5 years and payable only if Gurney continues to deliver significant growth. ITV Studios America already produces Read More »

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ITV Ad Revenue Flat In Q3, Studios Business Eyeing £100M Profit For 2012

By | Tuesday November 13, 2012 @ 1:02am PST

Downton Abbey‘s UK broadcaster ITV reported its interim results today with the group’s external revenue up 4% to £1.57B ($2.49B). Non-net advertising revenue was up 15% to £730M ($1.16B), driven by production arm ITV Studios, maker of such programs as Hell’s Kitchen and the upcoming Mr. Selfridge with Jeremy Piven. ITV Studios is expected to turn a profit of over £100M ($158.7M) for the year “and the number of new commissions and recommissions already secured for 2013 gives us confidence that there will continue to be good underlying growth in the Studios business,” boss Adam Crozier noted.

Continuing its five-year transformation plan, the company says total cost savings this year will be about £30M ($47.6M), or £10M ($15.87M) ahead of target. The advertising market has been “broadly flat,” Crozier said. Read More »

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ITV Said Eyeing Dick Clark Productions In Disciplined Fashion

By | Wednesday August 15, 2012 @ 6:05am PDT

Earlier this week, Deadline reported that the four main contenders in the bidding for Dick Clark Productions are CBS, CORE Media Group and private equity firms Guggenheim Partners and Thomas H. Lee Partners. On Tuesday, Sky News reported that UK broadcaster ITV is also kicking the tires of the Golden Globes producer and has hired Barclays to advise on its interest. Such a move would fall in line with comments ITV boss Adam Crozier made in December of 2011 when he hinted that ITV may be in the market to buy an American production company. Crozier is part-way through a five-year transformation plan at ITV which includes wiping down £612M in debt and creating “world class content” to be exploited at home and abroad across multiple platforms.

ITV, which airs, but does not produce, Downton Abbey and Simon Cowell’s Britain’s Got Talent, has been spreading its wings with in-house production including the upcoming Jeremy Piven series Mr. Selfridge via its successful ITV Studios. The group’s recent half-year results boasted growth across all business areas. At the time those results were announced, ITV also said it had acquired Norwegian production company Mediacircus and entered a development and production partnership with Israeli broadcaster Reshet. Still, the chances of a successful bid for DCP have met with some skepticism. According to … Read More »

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ITV Grows Financials; Acquires Norway’s Mediacircus, Teams With Israel’s Reshet

By | Thursday July 26, 2012 @ 12:11am PDT

UPDATE: Just after announcing half-year results this morning, ITV said it has acquired Norwegian production company Mediacircus and has joined forces with Israeli broadcaster Reshet in a strategic development and production partnership. The moves fall in line with the company’s transformation plan as it aims to build a strong international content business. Mediacircus, which will become part of ITV Studios Nordic, produces factual and documentary programming. It currently produces the ITV Studios format Come Date with Me. Reshet develops and produces original drama and entertainment formats including Comedians At Work, Step Family and The Money Pump. Among its original dramas are A Touch Away, which has been licensed by HBO, and Life Is Not Everything, licensed by Sony Studios. Sharon Gelbaum-Shpan will head the venture’s Israeli office.

: ITV chief exec Adam Crozier’s 5-year transformation plan at ITV is still underway and “gaining momentum.” The broadcaster reported its half-year results on Thursday morning with growth across all business areas. External revenues were up 10% to £1.13B with big increases at ITV Studios, Read More »

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U.K.’s ITV Sees First-Quarter Growth

By | Wednesday May 9, 2012 @ 12:44am PDT

ITV boss Adam Crozier is still pushing his way through a 5-year transformation plan at the network home of Downton Abbey. In a first quarter results report this morning, ITV said it had external revenues of £565M for a 13% increase over the same period in 2011. Crozier noted that ITV Studios, the production arm of the network, had done particularly well with revenues up 61% to £212M. The net, which airs Simon Cowell’s Britain’s Got Talent, was down 2% in viewership. That show has been locked in a ratings battle with BBC1′s The Voice, although it’s recently pulled ahead. Crozier said, “We remain confident in our schedule with Euro 2012 in June and a strong Autumn line up.”

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ITV Casting American Lead For New U.K. Drama Series ‘Mr. Selfridge’

By | Wednesday February 29, 2012 @ 2:02am PST

The UK’s ITV has announced a new 10-part drama series in a move that looks to build on the mega-success of its Downton Abbey. Mr. Selfridge will trace the life of the flamboyant and visionary American entrepreneur, Harry Gordon Selfridge, who created the famed London department store Selfridge’s. Contrary to Downton, which is made by NBCUniversal’s Carnival Films, Mr. Selfridge will be an in-house ITV Studios production. Created by writer Andrew Davies (Brideshead Revisted, Bridget Jones’ Diary), Mr. Selfridge is set in London in 1909 at a time when wealthy women were enjoying a new sense of freedom. ‘Mile a Minute Harry’ wanted to indulge, empower and celebrate these women; making shopping as thrilling as sex, according to ITV. Based on the book Shopping, Seduction And Mr Selfridge by Lindy Woodhead, the series will shine a light on hidden moments of the history of women through fashion, cosmetics, technology and domestic affairs. Production starts in April in London with the series to air in 2013. Chrissy Skinns is producer with Kate Lewis executive producing. Jon Jones will direct. ITV is currently out to cast an American actor in the lead role. Read More »

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ITV Confirms Simon Cowell Returning To Boost ‘Britain’s Got Talent’

Deadline contributor Tim Adler files this international report:

Simon Cowell will return as one of the judges on next year’s Britain’s Got Talent, ITV boss Adam Crozier has confirmed. The X Factor impresario will resume his seat on the talent show following the recent exits of judges David Hasselhof and Michael McIntyre. Speaking to press this afternoon in London, the ITV boss also hinted that ITV Studios may be in the market to buy an American production company, pointing out that the U.S. is the second-liveliest market for independent TV producers apart from the UK. For now though, Crozier is concentrating on wiping out the £612 million worth of debt he inherited by year’s end. “When you inherit something that isn’t working, the worst thing you can do is start bolting things on,” he said. Read More »

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ITV Revenue Lifts 11% In First 9 Months

By | Tuesday November 16, 2010 @ 4:31am PST

With 30-second primetime TV ads during next month’s The X Factor final now selling for £250,000 ($400,000), no wonder ITV expects 4th quarter ad revenue to rise by 10%. ITV’s revenue over the first 9 months has risen to £1.46 billion compared with £1.31 billion last year. Ad revenue rose by 16% between July and September. Booming ratings for The X Factor and Julian Fellowes’ Downtown Abbey – hurriedly re-commissioned for a 2nd series – have been key revenue drivers. Downton Abbey’s final episode drew an audience of more than 10 million. PBS is due to start showing Downton as part of Masterpiece Theatre in January. Indeed, the figures are expected to be so good ITV is thinking about reinstating its shareholder dividend. ITV has not made a payout to shareholders for almost 2 years.

ITV Studios, the broadcaster’s in-house production arm, dragged down Q3 figures though. Its earnings fell 10% to £205 million as ITV struggles to create hit new shows in-house. Both Downton and The X Factor are made by independent companies, even if ITV does sell ad space.

Announcing this morning’s results, ITV boss Adam Crozier said: “The economic outlook for 2011 is uncertain and we continue to plan on a cautious basis.” There won’t be any football World Cup to lift next year’s 1st half, plus there’s not going to be much London 2012 bounce as the BBC controls all TV rights. Crozier has said he wants to … Read More »

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ITV To Start Charging For Internet Extras

Adam Crozier, CEO of UK broadcaster ITV, has suggested making viewers pay for extra content, such as alternative endings. At one point he talked about charging Brit TV viewers to watch hugely popular soap Coronation Street first online, but rowed back from that. Crozier was speaking at the Royal Television Society international conference in London this afternoon. Everything on is free at present. Crozier said his top priority is to invest in, which he said had been woefully underfunded. The ITV boss reiterated that 50% of revenue must come from pay-TV, online and selling formats overseas, compared with 26% today. He’s not interested in making shows available on content aggregators such as Hulu though. TV commissions will be influenced by how they translate online, he said. “The first thing we need to turn is turn into a really robust site,” said Crozier, who joined ITV as CEO in April. Increasing the amount of programming produced in-house by production arm ITV Studios is another priority. In-house only accounts for 47% of programme commissions, he said – and drops to 16% if you strip long-running soaps Coronation Street and Emmerdale out. ITV is looking to acquire independent production companies to beef up ITV Studios. “We need to focus on more long-running renewable series,” he said. “Owning more rights is key to our future.” Crozier said that ITV’s historic problems haven’t stemmed from not knowing what to do but “a … Read More »

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ITV Denies That Massive Job Cuts Planned

By | Monday September 13, 2010 @ 8:31am PDT

The broadcaster has flatly rejected press reports that it’s planning to halve the 1,400 staff at its London South Bank HQ over the next few years. Or that more jobs will go among the 2,600 ITV staff members elsewhere in Britain and Europe. Announcing CEO Adam Crozier’s appointment in January, chairman Archie Norman said ITV’s priority was change “not cost reduction”. “That scale of job losses is certainly not on the agenda,” the broadcaster tells me. Talk that ITV was planning swingeing job losses surprised the City. Paul Richards, media analyst at Numis, tells me he doesn’t think there’s a pressing financial reason for heavy job losses right now. ITV’s debt load has come down as it emerges out of recession and the ad market picks up. “ITV is in a much stronger financial position than it was,” says Richards. “If there is a significant headcount reduction then it would be because Crozier and Norman think they can do the same job with fewer people.”

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