StoryFirst takes control of Pinewood TV

US media investment firm StoryFirst PST has bought out partner Pinewood Group’s 50% stake in their Pinewood Television joint venture.

Christian Wikander

StoryFirst PST now owns 100% of the London-based company, which was founded last year as a JV between the StoryFirst and the UK’s Pinewood Group.

Pinewood Television’s current management team of creative director Helen Gregory and coproduction director Christian Wikander will remain in place, but the company will change its name at the end of next month.

Peter Gerwe, founder and CEO of StoryFirst and founder of CTC Media, said that under Gregory’s 18-month stewardship the business was “flourishing and is well on its way to being a major player in scripted television drama.”

“Helen and her team will continue to build the company,” he added. “StoryFirst intends to make additional investments in the growing slate of exciting high-end TV drama projects under the new banner.”

Earlier this year, Wikander told C21 that, through its parent companies, Pinewood Television was agile enough to enter coproductions at any point and had the financial clout to provide up to 40% of production budgets.

Pinewood Television was formed to develop, produce and finance TV drama series, primarily for the international market. It showed its intent early on by investing in the second season of Swedish thriller Jordskott, which Wikander commissioned during his time at broadcaster SVT.

Recently, the company flexed its domestic muscles by collaborating with Benedict Cumberbatch’s StudioCanal-backed start-up SunnyMarch TV for the recent BBC1 adaptation The Child in Time (1×90’).

“The market right now is overcrowded with excellent content, so as soon as we identify something that has the potential, we will be able to fund it,” Wikander said. “If it’s 15%, 30% or 40% will depend on what makes sense for the maths.”

Commenting on the StoryFirst buyout, Pinewood Group chairman Paul Golding noted the “instrumental” role Pinewood Group had in establishing Pinewood Television and stated it would continue to back the company financially.

“We wish StoryFirst every success in the next stage of the company’s development,” he said. “In the meantime, Pinewood will continue to finance independent screen-based content rather than developing new material.”

Current Pinewood board members, including former BBC chairman Michael Grade, Entertainment Advisers MD Premila Hoon and Gerwe, will also remain in place.