`Wife Swap' maker RDF Media plans pounds 40m flotation
Friday 04 February 2005
Assuming the Shed flotation - scheduled for mid-March - goes well, RDF will go for a listing in April or May.
RDF, which also made the Faking It series, has hired Ingenious Capital, the same financial adviser as Shed, to advise on its options.
Sagitta Private Equity, which owns 20 per cent of RDF, is looking to sell out. David Frank, the chief executive of RDF, said a flotation would enable it to buy others in the sector. Mr Frank, a former BBC reporter who founded the company in 1993, and other managers own more than 60 per cent of RDF. The company, which also has an base in Los Angeles, is expected to have revenues of pounds 55m for the current financial year.
Sanjay Wadhwani, of Ingenious Capital, said a queue of independent production companies was waiting to list on the market. All eyes would be on the reception that investors give to the Shed float. Marketing of the Shed issue, which is likely to value the company at pounds 40m, will begin shortly. "By the end of this year, there could be a number of production companies listed and they would form a sector of their own," Mr Wadhwani.
Among the most likely to follow Shed and RDF are larger independent television producers that are part-owned by private equity groups. These include All3Media, the business formerly owned by Chrysalis and now run by Steve Morrison, the former chief executive of Granada. It is backed by Bridgepoint Capital.
Another candidate is Hat Trick Productions, the company behind The Kumars at No 42 and Have I Got News for You. It is part-owned by Kleinwort Capital. Also possible is a listing by Mersey Television, which is backed by Lloyds Development Capital. It makes Hollyoaks and made Brookside.
Business conditions for independents have dramatically improved over the past year, following changes in the law which give them ownership of the rights to the programmes they make for television channels. The BBC has just committed itself to using more externally produced shows.
Aside from intellectual property companies, the two players in the production sector already listed are The Television Corporation and Ten Alps, a documentary maker part-owned by Bob Geldof.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Watch a man race the Circle line and win
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scotland independence: A nation divided against itself: Brown says SNP are liars. Darling joins in. Salmond fights back...
John Travolta addresses former pilot's gay romance allegations publicly for the first time
Richard III: Two years after his body was found, scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...