ITV will pay an upfront cash consideration of £18m with a further capped cash payment contingent on The Garden’s future performance. The additional consideration is only payable on the delivery of significant profit growth over the next five years. In 2012 The Garden made an operating profit of £2.5m.
The Garden’s Chief Executives, Nick Curwin and Magnus Temple, said: “The values and ethos of The Garden will remain unchanged, as will our appetite for innovation, our insistence on delivering to the highest standards and our focus on the key relationships we’ve built up over the years. Being part of ITV will help us grow further in the UK and, in particular, to achieve our international ambitions. We will be working more closely with ITVS whilst continuing to concentrate as hard as ever on our important relationships with Channel 4 and the BBC. We are both totally committed to this new venture and we look forward to many successful and exciting years ahead with our new partners.”
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