The broadcaster will pay $17 million upfront in cash and could fork out another $10 million depending on So’s profitability between now and July 31, 2016.
So Television was set up by Norton and Graham Stuart in 2000, and focuses on comedy and entertainment shows, factual entertainment and drama.
Norton said, “So TV has been our baby for 12 years, so I’m thrilled that the ITV family has decided to take it under its wing and help it blossom.”
Move is consistent with ITV’s five-year plan to boost its own content that can be sold globally.
So produces “The Graham Norton Show” for the BBC’s flagship U.K. web BBC1. It airs in more than 100 territories including Stateside on BBC America.
ITV Studios’ managing director Kevin Lygo said, “This is an important acquisition and demonstrates our strategy to increase our capability in the production of high-quality television entertainment programming.”
ITV Studios also owns U.K. shingles 12 Yard Prods. and Shiver.
Ingenious Corporate Finance, an independent adviser in the media and technology sectors, advised So on the deal.