ITV acquires 60 per cent stake in US reality TV firm

Broadcasting company ITV has acquired a controlling stake in High Noon Entertainment, a firm which supplies reality and entertainment shows for US cable networks.

ITV will pay a consideration of $25.65m in return for a 60% stake, in addition to a top-up payment in 2015, which will be based on High Noon's performance up to that point.

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, ITV said.

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