ITV acquires High Noon

RNS Number : 4955E

ITV PLC

13 May 2013

 



13 May 2013

ITV ACQUIRES US INDIE HIGH NOON ENTERTAINMENT

ITV plc today announced that it is acquiring a controlling stake in High Noon Entertainment a leading supplier of reality and entertainment shows for US cable networks.

ITV will pay $25.65m upfront for a 60% stake in High Noon Entertainment with a top-up payment in 2015 based on the performance of the Company.  There is 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.

For further enquiries please contact: 

Investor Relations

Pippa Foulds                            020 7157 6555 or 07778 031097

Media Relations

Mary Fagan                               020 7157 3965 or 07736 786448
Mike Large                                020 7157 3021 or 07768 261528

 

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