Canal Plus Groupe company StudioCanal has been in talks over the acquisition for several months – as first reported by TBI in October – and has now concluded a deal for the Manchester-based company.
Well-placed sources confirmed to TBI today that the deal had been finalised. An official announcement will be sent out tomorrow.
StudioCanal will add Red to its other major acquisition in the TV world, Tandem, which it acquired in 2012.
Known as a movie producer and distributor, the acquisition of Red marks a statement of intent in terms of the France-based company’s ambitions in the TV sector, under the leadership of Olivier Courson.
Red has produced a strong of well-received drama show recently including Last Tango in Halifax (pictured) and it also made Bedlam and Queer as Folk. It is run by Nicola Shindler who set it up in 1998.
Financial details of the deal were not immediately available, but filings show that Red posted revenues of £5.1 million (US$8.3 million) in the year to end-2012 compared with £3.4 million in previous twelve month period. Operating profit was £3.6 million in 2012 compared with £1.6 million in 2011.