ITV buys Twofour Group in 55MN deal

DetailsJoseph O'Halloran | 25 June 2015

After a period of relative inactivity, the company is buying again: ITV has now swooped for Boom Supervisory Limited, the holding company of production house Twofour Group.

ITVThe acquisition, in which ITV will pay an initial cash consideration of 55 million for 75% of the Group, will be earnings enhancing from day one, is designed to strengthen ITV's global content business, supporting the ITV Studios division's international growth by increasing its exposure to factual entertainment formats and drama and bringing new creative talent to ITV.

Comprising production labels, based in the UK and US including Twofour, Twofour America, Boomerang, Oxford Scientific Films, Indus, Boom Cymru and the scripted producer Delightful Industries Twofour produced over 1,200 hours of programming in 2014. The group has produced hit shows such as Educating Yorkshire, The Jump, Posh Pawn, The Hotel Inspector and Animal Odd Couples. It also owns 51% of drama indie Mainstreet Pictures, and has a distribution business, Twofour Rights, which owns a diverse catalogue of over 550 hours of finished programming and formats. Twofour delivered 5 million EBITDA in 2014.

Commenting on the move, Kevin Lygo, Managing Director ITV Studios said: "Great creative talent, fantastic content and brilliant production expertise are central to ITV Studios' strategy, so I'm delighted that the Twofour Group is joining our family of production companies as we continue to boost ITV Studios' growth in the UK and internationally."

Added Melanie Leach, Chief Executive of Twofour: "The management teams across the Twofour Group are delighted to be joining ITV Studios. ITVS has a great track record in backing creative talent and we look forward to working with them as we continue to grow the group in the UK and internationally."