‘Cake Boss’ Producer High Noon Sells Controlling Slice To UK’s ITV

In its second buy into a U.S. production company in less than six months, ITV has acquired a controlling interest in Cake Boss producer High Noon Entertainment. In December Duck Dynasty maker Gurney Productions sold a controlling stake to ITV for $40M. In the High Noon deal, ITV will pay $25.65M upfront for 60% of the company with a further payment in 2015 contingent on High Noon’s performance. In keeping with the way it structures most of its acquisitions deals, ITV also has a put and call option to buy the rest of the company which can be exercised in four-six years. (more…)