ITV buys into High Noon for $26m

ITV will pay US$25.65m for a controlling stake in US reality TV producer High Noon Entertainment, maker of series including Cake Boss.

Cake Boss

The UK broadcaster, which recently acquired The Garden in its domestic market and in December last year bought out LA-based Gurney Productions, will take a 60% stake in High Noon.

It will pay US$25.65m upfront, with a top-up payment in 2015 based on the company performance. ITV also gets the option to buy out the remainder of the business within the next four-to-six years.

High Noon made an operating profit of US$5.7m in 2012 and generated around 80% of its production revenue from returning series.

“A key part of our transformation plan is to create a strong international content business and this is a further significant step forward in achieving that goal,” said ITV CEO Adam Crozier.

High Noon was founded in 1997 by former Liberty Media executive Jim Berger and his partners Duke Hartman and Sonny Hutchison, and supplies shows to 18 US cable TV networks. Its titles includes Cake Boss, Tough Love and Guinness World Records Gone Wild.

“From character-based reality shows to game shows and action series, are a great fit for our existing successful US business, ITV Studios America. I’m delighted to be welcoming Jim and his experienced and talented team to the ITV family,” Crozier added.

Paul Buccieri, MD of ITV Studios International and president and CEO ITV Studios America, will have direct responsibility for High Noon.