Shamrock Capital, the private equity firm of the Disney family, is set to buy Screenvision from the British broadcaster ITV, the companies announced. ITV will sell its 50 percent share in the cinema advertising firm to Shamrock Capital Growth Fund II for $80 million. ITV will use the funds to pay of its net debt, which it says has decreased by 175 million pounds ($271 million) to 437 million pounds ($733 million) in the six months to June 30, 2010, and has been selling off non-core assets for a number of years.
ITV plc sells Screenvision assets to Shamrock Capital for US $80m
ITV plc today announced that it has reached agreement with Shamrock Capital Growth Fund II, a leading, US-based private equity fund focused on media, entertainment and communications investing, to sell its 50% stake in Screenvision for a cash consideration of US $80m. Completion of the transaction is subject to US Hart Scott Rodino anti-trust clearance. Commenting on the transaction Adam Crozier, Chief Executive of ITV plc, said: “This is another important step for ITV as we progress our transformation plan to focus the business on its core objectives of UK multi-platform broadcasting and global content. The proceeds of this sale will positively impact our net debt which decreased by GBP175m in the six months to 30th June 2010.”
Notes to Editors
For further information, please contact:
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ITV plc is the UK’s leading advertiser-funded, free-to-air broadcaster and employs c. 4,000 staff worldwide within its Broadcasting, ITV Studios and Online businesses. ITV’s broadcasting business is made up of ITV1, the UK’s largest commercial TV channel in terms of audience share, and the UK’s leading portfolio of digital channels – ITV2, ITV3 and ITV4. Annually ITV invests around GBP1 billion in content for its broadcast channels and its website itv.com. Itv.com is focused on delivering short- and long-form video content from ITV programming for viewing in real time or catch-up – the ITV Player allows users to access catch-up and watch clips from the best ITV programmes, all supported by advertising. ITV plc’s content business, ITV Studios creates and produces original programming for content buyers worldwide. With production centres in the UK, USA, Germany, France, Spain, Australia and Scandinavia, recent hit shows and formats include primetime successes Marple, Poirot, Lewis, Hell’s Kitchen, Dancing on Ice, Come Dine with Me and I’m a Celebrity… Get Me Out of Here! The business also generates revenues by distributing ITV and third-party programming internationally, and through the sale of associated DVDs and merchandise.
Headquartered in New York, N.Y., Screenvision is a national leader in cinema advertising, offering on-screen advertising, in-lobby promotions and integrated marketing programs to national, regional and local advertisers and providing comprehensive cinema advertising representation services for its theatrical exhibitor partners. The Screenvision cinema advertising network is comprised of over 15,300 screens in 2,500 theatre locations across all 50 states and 93% of DMAs nationwide; delivering through more than 150+ theatrical circuits, including 10 of the top 15 exhibitor companies. Screenvision is a joint venture between ITV plc (LSE: ITV), the UK’s largest commercial television network, and Technicolor (Euronext Paris: 18453; NYSE: TMS), a global supplier of technology, services, and systems to the media and entertainment industries. For more information: www.screenvision.com
Historically known as the Disney-family investment vehicle for over thirty years, Shamrock is a Los Angeles-based private equity firm focused solely on the media, entertainment, and communications industries. Shamrock makes both control and minority investments. Shamrock’s representative investments include, REALD, MediaStorm, PRN, Harlem Globetrotters, Modern Luxury and Publishing Group of America. www.shamrock.com