ITV aquires German indie
- Published: 30 September 2008 13:31
- Author: Kate McMahon
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- Last Updated: 30 September 2008 13:31
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ITV-owned Granada Germany has acquired a majority stake in the Berlin-based indie Imago as part of its global expansion strategy.
The 51.2% stake was acquired from the companies founders and key creative talent Andrea Schönhuber-Majewski and Fabian Sabo for €2m, with a further payment of €3.7m dependent on Imago's profit performance over the next three years.
The deal is part of ITV's strategic push to grow its production, format creation and distribution businesses overseas and increase Global Content revenues to £1 billion by 2012.
Imago specialises in factual entertainment programmes for a variety of German networks, and was recently recognised with a Rose d'Or nomination for its drama Die Ausreisser.
ITV also has a call option window, and may acquire the remaining 48.8% of the company after the company publishes its 2011 accounts.
The deal also gives ITV the exclusive international rights to distribute and exploit content, format, and series rights retained by Imago.
ITV's managing director of global content, Lee Bartlett said: "Adding Imago to our portfolio gives additional scale to our German business, especially as Imago has a very strong creative focus generating its own exploitable formats and has excellent relationships across a wide range of German networks."
Imago founders and directors Andrea Schönhuber and Fabian Sabo said: "This deal offers us the opportunity to grow in line with our ambitions, side-by-side with a strong complementary partner. We are delighted to have found a new home within the ITV group."
