ITV takes majority stake in US studio

ITV continued its acquisition spree by snapping up US production company Thinkfactory Media, the maker of “reality” television series and dramas including the Emmy award-winning Hatfields & McCoys starring Kevin Costner and Bill Paxton pictured.

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The Channel 3 broadcaster will buy a 65 per cent stake in its Los Angeles-based peer for $30 million (£19m) and has an option to acquire the rest of the shares within five years.

The deal is the latest in a string of takeovers for ITV, which is looking to increase the amount of programmes it produces to reduce its reliance on advertising.

In May the firm bought a 60 per cent stake in High Noon Entertainment for $25.65m, having taken over The Garden for £18m in April and having paid $40m for a 61.5 per cent stake in Gurney Productions in December.