Sky has completed a transaction to acquire a 70% stake in independent production company Love Productions.
The indie, which was set up by Richard McKerrow and Anna Beattie in 2004, is behind such hits as The Great British Bake Off and Benefits Street. Love Productions has offices London, Bristol, New York and Los Angeles. The LA office was instrumental in securing a US adaptation of Great British Bake Off with CBS last year.
BSkyB’s international distribution division Sky Vision handle global distribution for Love’s finished programmes and formats going forward. Sky said that indie’s current agreements with broadcasters and distributor’s will remain unchanged; an important note, as the indie does a fair amount of business with Channel 4.
The acquisition is part of Sky’s strategy to grow a broad, international content business across broadcasting, production and distribution. The sat-caster already has development deals with indies in both the UK and the United States including Ugly Brother Studios, back2back productions and Roughcut TV.
“This is a significant step for our growing international content business. Love is one of the UK’s most innovative and creative independent producers with a track record of success across a range of genres, both in the UK and globally”, said Sophie Turner Laing, Sky’s Managing Director. “Led by Richard and Anna, Love has a hugely talented team with exciting plans for the future. We are really looking forward to supporting them as they build on their relationships with different broadcasters throughout the industry and helping them to grow the business”.
While Richard McKerrow & Anna Beattie added: “We are extremely excited by the prospect of a partnership with Sky. We feel it’s the perfect time to be working with a group who can help us realise our creative and commercial potential and fulfil all of our international ambitions for the Love brand. Love has always sought to be a pioneering company, launching new ideas and breaking new ground. Sky feels like a company of the future, full of dynamic and extremely creative leaders who will back our independent spirit and are keen to support all our future ambitions.”