British commercial broadcaster ITV is eyeing further digital acquisitions following US arm Granada America’s deal to buy a stake in online production company Electric Farm Entertainment.
ITV paid $2 million for a 10% stake in the US-based producer, which has created web series including Afterworld, Rosario Dawson-fronted Gemini Division and Woke Up Dead, which stars Napoleon Dynamite’s Jon Heder.
Lee Bartlett, managing director of ITV Global Content, says that he expects further buys in this space. "If you’re going to look into the future… I would do more than one [acquisition]. I think each acquisition is a one-off, yet part of our philosophy is that we have to purchase in many markets in many forms," he added.
Electric Farm was set up by Hollywood veterans Stan Rogow and Jeff Sagansky and has already struck international deals with Sony Pictures Television International for Afterworld and NBC Universal Digital Studios, which is coproducing Gemini Division.
It is expected to create up to six series by the end of the year and Granada America expects to activate the option to acquire a controlling interest in the company if this slate is successfully commissioned.