By Rory Gallivan
LONDON--U.K. broadcaster ITV PLC (ITV.LN) is buying the TV
production company behind shows including Educating Yorkshire and
Posh Pawn from Lloyds Banking Group PLC's (LLOY.LN) private-equity
arm in a deal worth up to 280 million pounds ($440 million).
ITV said Wednesday that it will pay LDC GBP55 million for a 75%
stake in Twofour group, with an option to acquire the remaining
quarter.
The deal also includes the option to acquire the remaining 49%
that Twofour doesn't own in drama-focused TV production group
Mainstreet Pictures.
"The total maximum consideration for Twofour and the remaining
49% of Mainstreet is GBP280 million with contingent payments
dependent on both businesses delivering exceptional profit growth
to GBP60 million in aggregate over the payment period," ITV
said.
At 1111 GMT, ITV's shares were down a penny, or 0.26%, at 273
pence, valuing the company at GBP10.99 billion.
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
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