ITV buys stake in US TV producer
Broadcaster ITV is snapping up a majority stake in an American reality television producer for 40 million US dollars (£24.7 million) to boost its studio arm.ITV is buying a 61.5% shareholding in Gurney Productions, which makes shows including hit US cable series Duck Dynasty featuring a family business making hunters' duck calls.
The deal also gives ITV the option to buy the remaining 38.5% stake in Gurney - founded in 1995 by Scott and Deirdre Gurney - in the future.
ITV said the move marks another step towards building its international content business.
Adam Crozier, chief executive of ITV, said: "Growing ITV Studios is a key part of our strategy to rebalance the group."
He added: "We see the US as a key creative market and having sizeable presence there is central to the expansion of our global content business."
ITV Studios America, which is headed by Paul Buccieri, has been growing revenues at around 200% for the last two years, according to the group.
Mr Crozier has made overseas growth a key part of his revival plan for the group since joining as chief executive in 2010, with its production arm in particular seen as central to its recovery and reduced reliance on volatile advertising markets.
ITV shares have surged over the past year on early signs of success, with its last trading update revealing that ITV Studios should make profits of more than £100 million this year thanks to ratings winners such as I'm a Celebrity.
He added: "We see the US as a key creative market and having sizeable presence there is central to the expansion of our global content business."
ITV Studios America, which is headed by Paul Buccieri, has been growing revenues at around 200% for the last two years, according to the group.
Mr Crozier has made overseas growth a key part of his revival plan for the group since joining as chief executive in 2010, with its production arm in particular seen as central to its recovery and reduced reliance on volatile advertising markets.
ITV shares have surged over the past year on early signs of success, with its last trading update revealing that ITV Studios should make profits of more than £100 million this year thanks to ratings winners such as I'm a Celebrity.
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