Adam Crozier boosts ITV's appeal to American investors with acquisition of US TV production company
Monday 13 May 2013
If chief executive Adam Crozier wants to make ITV more appealing to American investors, he looks to be going about it the right way.
Crozier today bought a second US TV production company in six months, spending $25.6 million (£16.7 million) on a 60 per cent stake in High Noon Entertainment.
The American firm’s hits include baking programme Cake Boss, dating contest Tough Love and reality show Guinness World Records Gone Wild.
ITV said High Noon made an operating profit of $5.7 million in 2012, and about 80 per cent of its production revenues came from “returning” series — shows that can air year after year.
Crozier, who bought US firm Gurney Productions last December, has been on an acquisition spree.
He wants to reduce ITV’s dependence on UK advertising by getting programme-making arm ITV Studio to make more of its own shows and sell them to other broadcasters around the world.
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