Audiovisual publisher Medal Enter-tainment & Media (MEM) is hoping to forge relationships with TV production companies after paying #7m for Fountain Television, the TV studio owned by Celador parent Avesco, writes Will Strauss
A statement from MEM confirmed it had 'conditionally agreed to acquire the entire share capitals of Fountain Television'. The reverse takeover deal, which is now subject to approval by Avesco shareholders, also includes the purchase of video publisher Leisureview for #1m.Both businesses are being bought on a debt-free basis. MEM chief executive Steve Ayres, commenting on the deal, said: 'The acquisition will offer a route for the group to secure relationships with production companies.'The acquisition is conditional upon the approval of Avesco shareholders.Wembley-based Fountain Television has recently been used to record a raft of top rating TV shows including Test the Nation and The Kumars at No 42.Who Wants to be a Millionaire? producer Celador recently shot three pilots for a new BBC 1 Saturday night entertainment show at Fountain which, if commissioned, will be fronted by Cat Deeley. The same company has also recorded a pilot for a new film-based quiz show along the lines of Never Mind the Buzzcocks. Possibly planned for BBC 2, it will be fronted by ex-Big Breakfast man Richard Bacon with former Kenickie singer Lauren Laverne and XFM DJ Christian O'Connell as team captains.No representatives from MEM or Fountain were available for comment as Broadcast went to press.