One of the world’s largest producers of entertainment brands, FremantleMedia, announced it has acquired a 19.99% equity stake in Australian producer/distributor Beyond International.
The announcement comes after Beyond issued its preliminary financial results for the 2007 fiscal year, a net profit of $4,992,000, up 15% from last year.
Since its inception in 1985, Beyond has created hits such as Mythbusters, Hot Property and Beyond 2000. The company has offices in San Francisco, Bethesda, Maryland, Ireland, Australia and is opening a brand new office in Los Angeles.
‘The US and Australia are of crucial importance for FremantleMedia, and Beyond has great strengths in both markets,’ says FremantleMedia’s director of operations and strategy, Christian Schneider-Sickert. ‘We announced last ear that we were looking to make a series of growht-oriented investments, and Beyond is part of that strategy.’
Fremantle, which also owns Australian producers Crackerjack and Grundy Television, is best known for formats such as Idol, X-Factor and Got Talent, and now has operations in 22 countries.