ITV plc. (ITV.L) announced Wednesday that it is acquiring a controlling stake in Thinkfactory Media, a producer of reality, entertainment and drama in U.S., including the Emmy award-winning Hatfields & McCoys.
ITV noted that it will pay an upfront cash consideration of $30 million for a 65% stake in Thinkfactory Media, with a put and call option to buy the remaining 35% of the company. The put and call option could be exercised from between 3 years after the initial deal and at the end of year 5 with the total amount paid linked to the performance of the company over that period. The multiple paid is similar to the range paid on our previous acquisitions.
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