LONDON — British terrestrial web ITV has forked out $8.2 million on a 51.2% stake in German format specialist Imago as it seeks to boost international production revenues to $1.8 billion by 2012.
Deal was done via ITV subsidiary Granada Germany.
ITV has an option to buy the remaining 49% of Imago’s stock following publication of the shingle’s 2011 accounts.
“This deal fits with our plans to grow our production, format creation, and distribution businesses in line with ITV’s turnaround strategy,” said managing director of global content Lee Bartlett, referring to ITV’s battle to improve its falling share value.
“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 Schonhuber and Fabian Sabo said, “This deal offers us the opportunity to grow in line with our ambitions.”