Olswang has advised leading European film producer and distributor Studiocanal on the acquisition of its majority stake in one of the UK's most successful independent producers, Red Production Company. The acquisition is part of Studiocanal's strategy to move into the UK TV industry.

Red has produced some of the UK's most popular and critically acclaimed drama series: from the ground-breaking Queer as Folk for Channel 4, to the ratings-winning Scott & Bailey for ITV and most recently, the double BAFTA-winning Last Tango in Halifax.

Sylvie Arnould, Head of Legal and Business Affairs at Studiocanal, commented: "We appointed Olswang for their unparalleled experienced in M&A in the European television production market, which was invaluable."

Mark Devereux, Senior Partner of Olswang said: "We're seeing the growing need for UK drama businesses to become more internationally focused so this deal makes perfect sense for both parties.  The acquisition of a majority stake in such an acclaimed and popular British television production company will help Studiocanal to strengthen its position as a European leader in content production and gives Red access to a fully integrated distribution mechanism to maximise the value of its programming.  This is the first time that we have been instructed by Studiocanal and we look forward to working with them again as they continue to grow in this vibrant sector."

The Olswang team was led by Corporate Partner Stephen Hermer and Senior Partner Mark Devereux, who were supported by Partner Melanie Lane and associates Georgina Ball, Anna Soilleux and Gina Young, as well as by Legal Director Clare Coulter.

Red Production Company was represented by Lee & Thompson.