ITV has acquired a 51% stake in independent production company DiGa Vision, TVWise has learned.
The indie, which is based in New York, is the production company behind MTV’s hit drama series Teen Wolf and a number of scripted and reality programmes including Girl Get Your Mind Right and Ke$ha: Crazy Beautiful Life. ITV is making an upfront cash payment for a 51% stake in DiGa Vision with a put and call option to buy the remainder of the company within the next three to six years. While financial terms were not disclosed the company said “the multiple paid is similar to the range paid on ITV’s previous acquisitions.”
The acquisition of DiGa Vision, which was co-founded by former MTV execs Tony DiSant and Liz Gateley, is part of a continuing aggressive strategy on ITV’s part to buy up independent production companies in the US & UK so as to build a strong international content business. The company has previously acquired US production companies Gurney Productions, High Noon Entertainment and Thinkfactory Media; and UK indies The Garden and Big Talk Productions.
“Tony and Liz have an excellent track record in creating original, engaging and compelling reality and scripted programming with an impressive content pipeline which feeds into numerous networks. They’re a true creative force and will be a great addition to the ITV Studios U.S. Group of companies”, said Paul Buccieri, President and CEO of ITV Studios US Group.