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Sky buys C4’s True North

True North's Marc Allen,  Andrew Sheldon and Jess Fowle

True North’s Marc Allen, Andrew Sheldon and Jess Fowle

European satcaster Sky has taken a majority stake in True North, the UK indie that was part of Channel 4 (C4)’s Indie Growth Fund initiative.

True North was among the first four indies to secure a total of £20m (US$33m) investment from C4 in August 2014, with the UK pubcaster taking a 21% stake of the business. C4 increased its holding to 23% in 2015.

Under the new deal, Sky’s distribution arm Sky Vision will represent all of True North’s future programming and formats.

True North’s co-founders and creative directors Jess Fowle and Andrew Sheldon will continue to run the prodo, which currently has 11 series in production and was behind C4’s A New Life in the Sun and Junior Vets for CBBC.

Sheldon said that this latest move was part of a strategy to take the company into the rapidly expanding international market for TV production.

Other key members of True North’s senior team – including MD Marc Allen and exec producer Fiona O’Sullivan, who leads the company’s Manchester operation – will also be staying with the company to help drive international and format ambitions.

The deal represents C4’s first full Indie Growth Fund exit. The not-for-profit commercial broadcaster will plough all returns from its commercial investments back into original UK content and the Fund.

It comes just days after C4 continued its investment in the UK indie production sector by taking a minority stake in Glasgow-based Firecrest Film.

“We set up the Indie Growth Fund to help support creative UK companies get to the next level – and in just two years we’ve helped secure a strong future for True North. In this time, and with C4’s support, Andrew and Jess have built one of the biggest factual indies in the country and established an important training ground for new and diverse creative talent in the north,” said C4 chief executive David Abraham.

“The return on our investment in True North will support our ongoing commitment to the UK wide creative sector.”

The agreement continues Sky’s string of acquisitions, which has seen the broadcaster invest in Blast! Films and Love Productions.

Jane Millichip, MD at Sky Vision, added: “This acquisition builds on the work we have done over the past few years to create a European powerhouse for content production and distribution.”

C4 set up its indie fund in 2014 and appointed former Nutopia MD and Vice exec Laura Franses to run it soon after. It has since invested in firms including Arrow Media, Popkaron, Lightbox Media, Barcroft Media, Renowned Films and Voltage TV.

In related news, Sky has invested in UK drama specialist Chrysalis Vision, with Sky Vision becoming the production outfit’s commercial and distribution partner.

Chrysalis Vision was formed after the Chrysalis brand was revived in 2014 by former Chrysalis TV Group CEO Mick Pilsworth and Chrysalis Group chairman Chris Wright. Entrepreneurs Luke Johnson and Roger Parry are also part of the founding group.

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