ITV Acquires 12 Yard In £35 Million Deal

Dawn Airey has made her first acquisition for ITV in the shape of 12 Yard in a deal worth up to £35 million.
12 Yard founded in 2001 specialises in entertainment, quiz and factual formats including ‘Eggheads’, ‘In It To Win It’, ‘Who Dares Wins’ and ‘The Great British Village Show’.
The sale of 12 Yard was kicked off in October by financial adviser Grant Thornton, which sent an information memorandum to interested parties.
In a statement ITV said the acquisition would give it “immediate access to growth in the profitable gameshow format market with significant opportunity for secondary exploitation.”
It is believed ITV will pay £26 in cash up front with a another potential payment of up to £9 million in four years – depending how well the business performs.
David Young, Managing Director for 12 Yard said: "At a time when the demand for global hit formats is greater than ever, Andy Culpin and I believe that this new home can help establish the company as one of the leading creators and producers of entertainment formats across the world."
Acquiring UK and US indies is a key part of ITV director of global content Dawn Airey's strategy to revive ITV Productions. 12 Yard will lose its 'indie' status under the deal but will continue to operate as an independent unit.
(DS)