Graham Norton sells television company for millions
12:58 31 August 2012
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Television presenter Graham Norton has sold his production company to ITV in a deal worth up to £17million.
Norton, who lives in Wapping, set up So Television with Graham Stuart 12 years ago. The firm is behind hit programmes including The Graham Norton Show and The Sarah Millican Television Programme.
ITV plc, via its wholly owned subsidiary ITV Studios Ltd, will pay an upfront cash consideration of £10m, and could pay another £7m dependent on So Television’s performance.
Norton said: “So TV has been our baby for 12 years, so I’m thrilled that the ITV family has decided to take it under their wing and help it blossom.”
The deal fits with a key objective of ITV’s five year Transformation Plan - to create more content for multiple platforms, free and pay, both in the UK and abroad.
Kevin Lygo, managing director of ITV Studios, said: “So Television and Graham Norton have been making high quality programmes for many years now.
“I believe that ITV Studios can bring scale to their ambitions and together we can continue to keep The Graham Norton Show at the top of its game and increase the amount of new programming in their production slate.
“This is an important acquisition for ITV Studios and demonstrates our strategy to increase our capability in the production of high quality television entertainment programming.”