ITV acquires Shaun of the Dead producer Big Talk

26th Jul 2013 09:22

Broadcaster ITV has acquired television and film producer Big Talk Productions outright for an initial cash sum 'in the region of' £12.5m.ITV, which has been looking to strengthen its production capabilities and follow up on the success of Downton Abbey, said it will pay an initial cash consideration and further capped cash payments contingent on Big Talk's future performance. The FTSE 100 media group said it had acquired 100% of the business, with the initial cash consideration dependent on the 2012-2013 year's financial performance and is expected to be "in the region of £12.5m".The further capped cash payments are payable on the delivery of significant profit growth over the next five years, with the multiple paid being reportedly similar to the range paid on previous acquisitions.Big Talk, in which actors Simon Pegg and Nick Frost as well as director Edgar Wright own stakes, has produced television programmes including Spaced, Friday Night Dinner, Black Books, Rev and Him & Her, as well as films Shaun of the Dead, Hot Fuzz and The End of the World, which is currently in cinemas. Big Talk was founded by current joint chief executive Nira Park when she produced Spaced in 1995, before going on to make Black Books,Shaun of the Dead and many other successes, with fellow chief executive Kenton Allen, a successful producer and former Creative Head of BBC Comedy and BBC Comedy North, appointed in 2008. Big Talk, in which BBC Worldwide has owned a 25% stake since 2008, produced revenues of £11m in the 12 months to the end of June 2012 and pre-tax profits of £427,829.Shares in ITV were down 0.7% to 156.6p at 10:01 on Friday.OH