ITV acquires majority stake in US' Gurney Productions

MUMBAI: British media company ITV has agreed to acquired 61.5 per cent stake in Gurney Productions, a full-service television production company, supplying hours of reality and factual based programming to major networks in the US and abroad.

ITV will pay $40 million for acquiring the controlling stake in Gurney Productions. It will also have the option to buy the remaining 38.5 per cent through a put and call option which could be exercised from three years after the initial deal and at the end of year five.

Commenting on the deal Adam Crozier, chief executive of ITV plc, 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. TV Studios America has been growing revenues at around 20% 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.?

Gurney Productions was founded in 2005 by Scott and Deirdre Gurney and has become a leading independent producer of large scale returning series for US cable networks. It counts Duck Dynasty show as one of its key properties.