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.”