As it aims to boost its attractiveness for investment, Scottish broadcaster STV has announced a range of initiatives designed to accelerate its digital and production growth.
The initiatives include acquisition of majority stake in award winning producer Primal Media, new commissions and a first pilot format and further enhancements to its online video player and new SVOD service.
Founded in 2016 by Adam Wood and Mat Steiner, Primal Media is behind a range of successful formats including Release the Hounds for ITV2, Bigheads for ITV and Carnage for Sky One. The deal includes Primal’s current and future programming slate such as comedy series Jerk for BBC3 and two new programmes for C4, both currently in production.
The acquisition follows a strategic partnership struck earlier this year between the companies to co-develop formats to target UK and international networks. STV sees its move as the latest step in its plans to grow its productions division into a world-class production company with a multi-genre slate of returning series under the leadership of managing director, David Mortimer.
Under the terms of the deal, Lionsgate, the previous majority investor in Primal Media will retain a minority stake in the business, with the founders holding the remaining equity. There is no upfront consideration payable by STV and the agreement includes the option for STV to acquire the remaining shares in the future.
Looking at new commissions, STV Productions says that its primary objective remains securing returnable and returning series commissions. The company has now announced the recommission of six-part series Inside Central Station for BBC Scotland, which will go into production later in 2019. Further recommissions of Antiques Road Trip (series 19 and 20) and Celebrity Antiques Road Trip (series 9), as well as Celebrity Catchphrase for ITV have also been confirmed, all for 2019 delivery.
With regard to digital platforms, the broadcaster confirmed that the launch of its online video STV Player on the Sky platform remains on track for Q4 2019, a development that will enable universal availability of STV Player in Scotland for the first time. STV also revealed a new partnership with US advanced advertising company Freewheel which will enable STV’s premium digital advertising inventory to be monetised on the Sky platform. STV will sell its own advertising on Sky. New content deals have been agreed with Endemol Shine and distributors TCB Media Rights and TVF bringing 300 hours of additional drama, documentary and factual entertainment programming to the STV Player.
“It’s a little over a year since we set out our new strategy to deliver production and digital growth and re-establish STV as a creative force in Scotland and beyond,” commented STV chief executive Simon Pitts explaining the moves. With a new team fully in place we are building real momentum and delivering encouraging results...Programming successes like recent drama The Victim for BBC1 demonstrate our growing creative strength, and the acquisition of Primal Media...will further strengthen our creative pipeline as we seek to become one of the UK’s leading producers. We look forward to maintaining this rapid progress, delivering our strategy and generating attractive returns for our shareholders.”