Global producer-distributor FremantleMedia has confirmed that it has reduced its stake in U.S.-headquartered Radical Media, the prodco behind such docs as Joe Berlinger‘s Crude and Liz Garbus‘s What Happened, Miss Simone?, and television projects including Oprah’s Master Class for OWN.
In a statement supplied to realscreen, a FremantleMedia spokesperson confirmed the news that Radical Media, led by chairman and CEO Jon Kamen (pictured), has bought back shares, making FremantleMedia a minority partner, which still has a seat on the Radical Media board.
“We remain a dedicated partner to Jon and the team, but we didn’t feel that the company was core to our ambitions going forward and that it was best to give back control to Jon,” reads the statement. “We look forward to continuing our work with him.”
FremantleMedia announced its acquisition of a 60% stake of the prodco during MIPCOM in 2010. At the time, the deal marked a move into the branded entertainment space – an arena in which the bicoastal American prodco, with offices also in Berlin, Sydney, Shanghai and London, had made considerable moves in, via such projects as the long-running Iconoclasts series for SundanceTV and assorted projects for Nike and HP among other brands.
For the past year and half, FremantleMedia has concentrated on building its scripted and digital operations while further investing in content. Meanwhile, the sale of shares back to Radical Media took place over a period during the end of last year, and the beginning of 2015.
The news was first reported by C21.