Gravity Media Group acquire 021 Television

Gravity Media Group (GMG) has completed a transaction with ITV to purchase 021 Television (021).
021, based in Birmingham, is one of the area’s largest outside broadcast facility companies, with a strong trading record and considerable asset base.
Commenting on the acquisition, John Newton, CEO of GMG, said: “We are delighted to welcome this prestigious and successful company to our portfolio of broadcast service companies within the Gravity Media Group. Rights holders and broadcasters are looking to service providers to provide a comprehensive integrated solution particularly on large scale projects.”
GMG will be the leading facilities provider at the World Cup in later this year, providing services to several clients including HBS and ITV. The group is currently providing the host broadcast facilities for the Australian Tennis Open which is followed by the Commonwealth Games in March.
GMG intends to make a considerable investment in 021 to update and upgrade facilities. “With its powerful brand name and highly skilled labour resource we are confident that 021 Television has strong growth potential,” said Gravity Media Group CFO Warren Newbert. He added: “We recognise the need for consolidation in the market place and we expect that only large companies will be able to deliver acceptable returns.”
Jeremy Sharp, Head of Business Development at ITV said: “Following a highly competitive sale process, we have chosen to sell 021 to Gravity Media Group which represents a good outcome for the 021 business and staff. This is an important relationship for ITV and we look forward to working with the enlarged GMG Group in the future.”
Rob Hollier, Managing Director of 021 Television, said: “The Gravity Media Group know the broadcast market, both domestically and internationally, very well and their interest and resources provides an exciting future for 021 Television with a solid foundation for continuing success.”
The business will continue as 021 Television, based in Birmingham, led by the same management team headed by Rob Hollier.
This is the second acquisition completed by GMG following the previous deal in September 2004 when it acquired the outside broadcast division of Seven Network. The Group is looking to expand, both organically and by acquisition, in all of its key territories.
(GB)