ITV has bought Graham Norton’s production company, So Television, in a deal that could be worth as much as £17 million.
The production company, which makes series such as The Graham Norton Show and The Sarah Millican Television Programme, has been bought by ITV through its production arm, ITV Studios.
In a statement, ITV said it would pay an upfront cash consideration of £10 million, with a “further cash payment contingent on So Television’s profit performance” to July 2016.
“The maximum total consideration payable is £17 million,” it added.
So Television was set up by Graham Norton and Graham Stuart 12 years ago.
Stuart said: “We are incredibly excited to be starting a new chapter in the So story with ITV Studios. Now we have the chance to achieve what we’ve always wanted to in this industry but with real strength and inspiration behind us.”
Denise O’Donoghue, managing director of ITV Studios UK, said So Television has built a reputation for “creative rigour and intense quality-control across its programming”.
“Its programming presence on other channels is strategically terrific for ITV Studios, which has increased its output this year with new shows across the BBC, Channel 4 and Sky. I am really looking forward to having So as part of ITV Studios, working with Graham Stuart and his team to add even more value to this dynamic and successful production company,” she said.
ITV Studios managing director Kevin Lygo added that ITV would bring “scale to So Television’s ambitions”.
“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,” he said.