PYE agrees Electus deal, co-founder exits

Electus is behind Jane the Virgin

US-based multimedia studio Electus has increased its stake in management and production company Principato-Young Entertainment (PYE) after one of the latter’s co-founders chose to sell his stake in the business.

Electus is buying the stake of PYE’s Paul Young, who is now preparing to launch a management-production venture that will allow him to more closely collaborate with artists to create original content.

Further details have not yet been revealed but Young already has a number of projects entering production, including AMC/Sundance Now’s the Chances, which he is executive producing.

He will also continue to collaborate with PYE, including executive producing a reboot of Campus Ladies for Universal Cable Productions.

Fellow PYE co-founder Peter Principato has been named president and CEO and will work closely with Electus CEO Chris Grant and chief operating officer Drew Buckley to expand the firm’s digital footprint.

The deal is part of Electus’s focus on expanding into management alongside its production and distribution operations.

The company is known for shows such as the CW’s Jane the Virgin and NBC’s Running Wild with Bear Grylls, as well as for working with Will Arnett and PYE on Flaked for Netflix, which premiered its second season in June.