ITV is set to buy the US production company group Leftfield in a deal that could potentially rise to $800 million. Ithas taken an initial 80 per cent stake in Leftfield for $360 million, with options to increase its stake in three years and five years to take full control.
ITV said that to hit the maximum payout of $800 million Leftfield will have to deliver “significant profit growth” over the next five years, with an average of $130 million per year between years three and five of the deal.
Leftfield makes reality TV shows including Pawn Stars, Real Housewives of New Jersey and American Restoration.
ITV, which has bought into five US production companies in the past two years, says the latest deal will see its American business become the largest independent producer of unscripted television shows in the market.