Shed stock slides, RDF launches fund
Thursday saw mixed fortunes for British independent TV producers Shed and RDF.
Shares in Shed fell 9% to £1.12 ($2.24) on London’s Alternative Investment Market after commercial web ITV ditched Shed’s flagship drama series “Bad Girls.” Meanwhile, RDF Media launched a $4 million investment fund for TV and new-media businesses.
“Bad Girls,” set in a women’s prison, will end after eight seasons even though its summer run pulled in up to 4.7 million viewers.
The news comes just five months after ITV canceled Shed’s “Footballers’ Wives.”
Shed chief exec Eileen Gallagher said she was “disappointed” by the decision but added that U.S. versions of both series were moving ahead.
ABC has commissioned a script for “Footballers’ Wives,” while FX has ordered a “Bad Girls” script. Shed is also working on a drama for Fox and a telenovela for the USA network.
“We expected it to happen,” Gallagher said. “It was still rating very well but it’s time for us to move on.”
In the U.K., Shed is developing ITV drama “Rock Rivals,” set in the music industry, and has been commissioned by ITV to produce 90-minute telepic “Catwalk Dogs,” written by Simon Nye.
Meanwhile, RDF Media’s Ignite fund will offer investment plus optional support services to early stage media companies. It will invest in up to six companies, with RDF becoming a minority shareholder in each case.
Sue Oriel, managing director of RDF subsid IWC Media, will manage the fund with the company’s corporate development team and will join the board of any business invested in as a non-executive director.