People/Biz

Nordic World to acquire Absolutely Independent

Norway-based distribution group Nordic World has signed a letter of intent to acquire a majority stake in Absolutely Independent, the Amsterdam-based TV formats sales company headed by Patty Geneste (pictured), for an undisclosed sum.
January 14, 2014

Norway-based distribution group Nordic World has signed a letter of intent to acquire a majority stake in Absolutely Independent, the Amsterdam-based TV formats sales company headed by Patty Geneste (pictured).

As part of the deal, Nordic World will take on Absolutely Independent’s portfolio of more than 150 paper and finished formats – including Find My Family, Behind Closed Doors and The Exit List - which it will merge with its own catalog, rebranding it to focus on international content and independent Nordic rights.

Nordic World will have the option to acquire the remaining percentage of the company in three years time. The amount of the purchase has not been disclosed, and the deal should be finalized ahead of MIPTV in April.

Geneste, Absolutely Independent’s founder, CEO and president, will remain in an active management role in the newly merged company, and will work closely with Espen Huseby, CEO of Nordic World, and Jan Salling, Nordic World’s chief operating officer and director of sales.

Geneste will also have a seat on the Nordic World board.

“Absolutely Independent is the dream match for Nordic World,” said Huseby. “We both share a commitment to long-term relationships and the belief that the only real measure of success is the success of our producer and broadcaster clients.

“After several years of expansion, it’s become clear that we’ve outgrown the opportunities available in the Nordic market and need to look across our borders to maintain momentum.”

Geneste added: “I’ve spent 18 exhilarating years building Absolutely Independent into the formats powerhouse that it is today. But in order to take Absolutely to the next level and achieve the scalability that’s needed to compete effectively in today’s market, the time has come to find a partner.”

About The Author
Daniele Alcinii is a news reporter at realscreen, the leading international publisher of non-fiction film and television industry news and content. He joins the rs team with journalism experience following a stint out west with Sun Media in Edmonton's Capital Region, and communications work in Melbourne, Australia and Toronto. You can follow him on Twitter at @danielealcinii.

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