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.