ITV has acquired independent producer 12 Yard for an initial cash consideration of £26 million. A further payment of up to £9 million may be made in 2011, part of which is contingent on profit performance over a three-year period.
12 Yard, a joint venture between Hat-Trick Productions Limited and the management team of David Young and Andy Culpin, was formed in 2001.
In September, ITV announced its content-led growth plan, including a new strategy to accelerate growth through the acquisition of complementary production business in high value genres with strong secondary sales potential.
Dawn Airey, managing director of ITV Global Content, said: “We are delighted that 12 Yard is ITV’s first acquisition since the announcement of our growth strategy, and I look forward to making further announcements in due course.
“David and his team have built an iconic hit machine that will continue to produce great shows for all its clients, but now as part of the ITV family.”
David Young, managing director of 12 Yard, said: “We are immensely proud to be teaming up with Dawn Airey and the ITV Global Content Division. ITV is the biggest commercial shop window in UK broadcasting.
“At a time when the demand for global hit formats is greater than ever, Andy Culpin and I believe that this new home can help establish the company as one of the leading creators and producers of entertainment formats across the world.”
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