ITV takes stake in Los Angeles producer

Actor Kevin Costner with his wife Christine Baumgartner

Broadcaster ITV has agreed a $30m (£19m) deal to buy a majority stake in the producer behind award-winning American western drama Hatfields & McCoys, starring Kevin Costner.

ITV will buy a 65 per cent stake in Los Angeles-based Thinkfactory Media, with an option to acquire the remaining 35 per cent within five years.

It adds to a raft of recent acquisitions to boost its production arm, including a controlling stake in US reality TV maker High Noon Entertainment and London-based producer The Garden, maker of fly-on-the-wall documentaries such as 24 Hours In A&E and Inside Claridge’s.

Thinkfactory Media – founded in 1992 by Hollywood producer Leslie Greif – produces reality, entertainment and drama.

Its hit mini-series Hatfields & McCoys picked up a number of Emmy awards last year, with Mr Costner named outstanding lead actor.

ITV chief executive Adam Crozier said Thinkfactory Media had a “terrific reputation”.

He added: “We’re gathering real momentum in building a substantial US presence, which is central to our strategy of creating a strong international content business. The acquisition of Thinkfactory Media is clearly a further significant step forward in achieving that goal.”