LONDON — Three top former ITV executives have made a bid for Chrysalis Television group, one of the largest indie producers in the U.K.
David Liddiment, former programming chief at U.K. commercial web ITV, Steve Morrison, former chief executive of Granada and Jules Burns, former managing director of operations at Granada are behind the offer, which is said to value the company at £48 million ($75 million). An unnamed venture capital group is backing the bid.
Chrysalis is involved in radio, TV and publishing and has been looking for a buyer for its TV business for some time. The division, which comprises several indie producers including Bentley Prods., Chrysalis Television and Cactus, produced 570.5 hours of television in 2002, 37% of which were new commissions. It also has operations in Australia and the Netherlands.
Company generated $139 million in revenue last year, 37% of the group’s total thanks to leading program brands such as “Midsomer Murders” and “Ultimate Force” for ITV and “Richard and Judy” for Channel 4.
Deal is expected to be finalized in mid-June once the two sides have agreed on a final price.