MY Tupelo Entertainment president Michael Yudin (pictured) has taken control of the New York-based indie, buying back the 50% stake in the company acquired by Raycom Media two years ago.
The management buyout, for an undisclosed sum, comes after Raycom acquired the assets of New York-based Tupelo-Honey Productions in January 2012, in a deal which included control of half of MY Tupelo Entertainment.
The indie’s catalog includes shows such as Spike TV’s Pros vs. Joes, Discovery Channel’s Wreck Chasers, and Travel Channel’s Ghost Adventures and Baggage Battles.
In a statement given to realscreen, Yudin – who now fully owns 100% of MY Tupelo – said: “We have had a great run with Raycom and will continue to produce and develop projects together in the future. The relationship helped position us as real contenders in the U.S. production and formats business.
“We now believe it’s time to combine this with a focus beyond our domestic market, not only to source and develop fresh and original ideas that would work in the U.S., but also to take our own in-house developed concepts out to the world.”
As the first step in a planned series of partnerships with global producers and distributors, MY Tupelo has penned a development deal with UK sales house TVF International, the first result of which will be the format Bargain Brides.
The show aims to help brides-to-be use their resources and haggle for the wedding of their dreams at a reduced price, and will feature on TVF’s slate of new formats at MIPTV in Cannes next month.
TVF International programming and acquisitions exec Yael Shaoulian said: ”We’re excited to form this new partnership with MY Tupelo Entertainment and are really looking forward to using our international expertise to steer dynamic new U.S. projects from their very early stages of development.”
Beyond the TVF deal, the U.S. indie is looking to sign co-development and first-look deals with partners in markets such as the UK, Israel, Spain, Turkey and the Nordic region.
My Tupelo Entertainment was formed as a joint venture in 2009, as the result of a partnership between Yudin’s MY-Entertainment Company and Cary Glotzer’s Tupelo-Honey Productions.
Glotzer remains CEO of Tupelo-Honey Raycom.