Joint venture developed
STV partners with investor for new productions
The scale of investment was described only as “substantial” from both companies and the focus will be on new entertainment, factual and drama projects which will be targeted at major broadcasters in the UK and internationally.
They will work together internationally, as well as with third party distributors. The partnership builds on earlier work in a number of co-productions including The Poison Tree (ITV – pictured); Perez Hilton: Superfan (ITV2); Prison – First and Last 24 hours (Sky1) and most recently Safeword (ITV2).
The Dressing Room, a documentary series that gets inside the changing rooms of sports teams across the country will be developed as a pilot later this year:
The partnership is non-exclusive and will see both STV & GME continue to work with other channels, distributors and content creators.
Alan Clements, director of content for STV Productions, said: “This arrangement will bring together the best of both companies to co-develop projects and achieves increased scale and a new impetus to our development activities across a range of genres.”
Tony Moulsdale, director of programming, GroupM Entertainment, said: “This partnership further cements a very successful relationship with STV built over several years. It shows what’s possible if you take an imaginative approach to content both creatively and commercially.
“This is about investing in the early stages of development and taking the long view on high value IP, especially on development that is expensive or time consuming. But ultimately it’s about giving broadcasters greater choice where they are telling us they want it. Strong effective collaboration and clear focus from conception to exploitation, targeted at what commissioners want both in the UK and globally, will allow us to create unparalleled opportunities for both our businesses.”
+ STV reported a 7% decline in half year profits to £7.8m. The dividend is increased by 50% to 3p.
Rob Woodward, chief executive, said: “Today’s results are in line with expectations at the half year and represent another milestone on our route to achieving our strategic ambitions and KPI growth targets for the end of 2016.
“We are continuing to create sustainable growth and increased consumer margins, resulting in a rebalancing of the business through the growth of our profitable non broadcast services. Confirmation of the enhanced dividend payment reflects the Board’s confidence in our ability to deliver against our strategic plans.”