ITV has confirmed it will buy more UK and US indies as part of the broadcaster's five year growth plan. [ALL]
ITV has confirmed it will buy more UK and US indies as part of the broadcaster's five year growth plan.

Dawn Airey, who joins next month as director of global content, is tasked with growing the business by acquiring production businesses with a pot of as much as £200m which has been made available from the sale of non-core assets.

Chief operating officer John Cresswell said the focus would be on organisations that complement the broadcaster's existing strengths. Indies with a track record, respected talent and revenues of between £10m and £50m are targets.

ITV's UK production revenue dropped from £32m to £19m last year, which the broadcaster blamed on a high turnover of staff, however the drop meant that possible exploitation revenues were lost.

Grade said there would be a number of opportunities to attract new talent and said the broadcaster would explore more co-production and part ownership of indies.

In July, ITV-owned Granada International acquired a 25% equity holding in Mammoth Screen for £1m, giving it exclusive distribution and development rights.

In May, it also took a controlling 51% stake in a new US joint-venture called Jaffe/Braunstein Entertainment.

The company was created in partnership with Jaffe/Braunstein Films, a producer of scripted tele-films and mini-series based in Los Angeles.