International technology, media and telecoms law firm Olswang has advised long-standing client ITV on its acquisition of Big Talk, the producer of multi award-winning series Rev for the BBC, Channel 4's Friday Night Dinner and ITV's recent sit-com The Job lot, as well as films including Shaun of the Dead, Hot Fuzz and The World's End.
ITV will make an initial payment and further capped payments contingent on Big Talk's future performance. The initial payment is expected to be in the region of £12.5m, depending on Big Talk's 2012/13 financial performance, while the additional payments will be made on the delivery of significant profit growth over the next five years.
One of the UK's fastest growing scripted television and film production companies, Big Talk was founded in 1995 by Nira Park, who produced Channel 4 comedies Spaced and Black Books. Big Talk Productions has also had success with critically acclaimed E4 youth drama Youngers, and the Daniel Radcliffe and Jon Hamm mini-series A Young Doctor's Notebook, the launch episode of which landed Sky Arts its highest viewings figures in the channel's history.
The acquisition also includes film producer Big Talk Pictures, the sister company of Big Talk Productions, which has made a number of iconic titles including Shaun of the Dead, Hot Fuzz, Scott Pilgrim Versus The World, Paul, Attack The Block, Sightseers and, most recently The World's End. Titles shortly to be released include In Fear and Cuban Fury for StudioCanal / FilmFour, with a number of other projects currently in development.
The acquisition represents another important step forward in ITV's strategy of building a strong international content business and is a significant addition to the Group's growing portfolio of production companies. It follows ITV's acquisitions in the UK over the last year of So Television and The Garden in the UK. The deal is the latest in a long line of transactions that Olswang have worked on in the independent television production space and further cements the firm's position as the pre-eminent corporate media practice.
Stephen Hermer, Partner at Olswang, commented: "The acquisition of Big Talk is ITV's seventh independent production company acquisition in less than a year, showing the broadcaster's determination to grow their production base and invest in creative talent. Popular television programmes and films are key for content businesses, as they can be exported globally. Thanks to this acquisition Big Talk will be able to leverage ITV Studios' ability to get shows into North America, whilst ITV will also continue to invest in original show projects with U.S. co-production partners."
The Olswang team worked closely with the in house legal team at ITV to complete the transaction. The transaction was led by Corporate Partner Stephen Hermer and Senior Associate Edd Heaton with specialist legal and sector knowledge provided by Partners Natasha Kaye and Senior Associate Stephen Baker, associates Rachael Hammond, Rachel Lafferty, Jacob Gilkes, and Trainee Solicitor Emma Cross.
