Electus ups stake in Prinicipato-Young

Entertainment studio Electus had expanded its partnership with Principato-Young Entertainment (PYE), a management and production company.

The move will see Peter Principato (pictured) become president and CEO of PYE, and work more closely with Electus’ CEO Chris Grant and COO Drew Buckley.

As part of the deal, PYE co-founder Paul Young has agreed to sell his interest in the company to Electus, which already held a minority stake in the company, and will launch a new management-production venture.

As president and CEO of PYE, Principato will manage a group of high-profile clients and produce film and television projects. He has already worked extensively with Electus, as together they have co-produced two seasons of Flaked and the upcoming Hot Date for PopTV.

Principato will work together with Grant, Buckley and the senior team at Electus to increase PYE’s global distribution and digital footprint across emerging platforms and genres.

In a joint statement, Electus’ Grant and Buckley said: “From scripted to unscripted, across all platforms, serving and creating opportunities for talent is at the heart of Electus. We are thrilled to expand our partnership with PYE as we collaborate to create innovative content for a global marketplace.

“We thank Paul Young for his many contributions to the exceptional company he co-founded, and wish him the very best in his next chapter. All of us at Electus are excited for what’s next as we continue working with Peter Principato and the fantastic partners, managers and clients of PYE.”

Further transaction details have not been disclosed.

This year, Electus hired Jonathan South from Televisa to head up its European operation in London.