ITV: De Mol exit explained
October 3, 2019
By Chris Forrester
John De Mol, one of broadcasting’s most experienced executives, is exiting ITV as part of a restructuring of ITV Studios. De Mol has helmed some of TV’s most successful formats including Big Brother, The Voice, Deal or No Deal, Fear Factor and dozens of others. Four years ago ITV acquired De Mol’s Talpa Media for $355 million.
According to background supplied by analysts at Deutsche Bank, as part of the restructuring, Talpa Global (part of Talpa Media) will be integrated into ITV Studios’ Global Entertainment division. Talpa productions companies (Netherlands, Germany and Middle-East) will integrate into ITV Studios.
“ITV has confirmed De Mol will leave and has not opted to extend the earn-out period for further 3 years, as per the terms of the deal when ITV acquired Talpa Media in 2015. De Mol will continue to provide management services to Talpa Media until April 2020,” says the bank, quoting the ITV statement.
“ITV confirmed that this should have no impact on its Profit/Loss/cashflow. His second earn-out will be based on 2019 performance, to be paid in 2020 and is included in the expected future payments of £199 million (of which £146 million recorded on the balance sheet) that ITV reported at its 1H/19 interim results,” adds the bank.