UK broadcaster ITV is continuing its indie producer spending spree, paying US$25.65 million for a 60% stake in High Noon Entertainment, the U.S. prodco behind Cake Boss (pictured).
The deal follows ITV’s $40 million takeover of LA-based Gurney Productions (Duck Dynasty) in December last year, and its $27.4 million agreement to acquire UK-based The Garden (24 Hours in A&E) last month.
ITV will pay $25.65 million upfront for its 60% stake in High Noon, with a top-up payment in 2015 based on the performance of the company. The broadcaster also has a ‘put and call’ option to buy the remainder of High Noon, which may be exercised four years and six years after the initial deal.
Paul Buccieri, MD of ITV Studios International and president and CEO of ITV Studios America, will have direct responsibility for High Noon.
High Noon was founded in 1997 by former Liberty Media executive Jim Berger, and his partners Duke Hartman and Sonny Hutchison. In addition to Cake Boss, it also makes shows including Tough Love and Guinness World Records Gone Wild.
The indie made an operating profit of $5.7 million last year, and generated around 80% of its production revenue from returning series, according to ITV.
ITV CEO Adam Crozier said: “High Noon Entertainment’s range of programs, from character-based reality shows to game shows and action series, are a great fit for our existing successful U.S. business, ITV Studios America. I’m delighted to be welcoming Jim and his experienced and talented team to the ITV family.”