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Sunday, May 29, 2022

Irish maker of Normal People sells stake to London-based Fremantle

A unit of German media giant Bertelsmann has acquired a majority stake in Dublin-based Element Pictures, the creators of the popular TV series Normal People which was based on the novel by Sally Rooney.

London-based Remental confirmed the acquisition today.

Element Pictures was founded 21 years ago by Ed Guin and Andrew Lowe.

He said the firm and its employees are entering a “new and ambitious phase of growth” with the Fremantle deal.

Fremantle is part of the RTL Group, which in turn is owned by Bertelsmann.

The German conglomerate Penguin owns Random House and the music firm BMG.

Element Pictures has a strong track record of producing successful shows.

One of its latest productions is chat with friends, which is based on another Sally Rooney novel of the same name. The 12-part series will premiere on the BBC and Hulu on Sunday.

Fremantle said the deal with Elementor underscores the London company’s strategic plan to invest in and develop “premium production companies and creative talent from around the world.”

Element Pictures Ltd’s accounts show it lost €794,000 in 2020, bringing its retained earnings to €2.4m.

Last August, RTL Group raised Fremantle’s full-year revenue target to €3bn by 2025.

Fremantle has been on an acquisition spree since last year.

It has bought UK-based production company Dancing Legs, Italian firm Lux Wide and Australian-US TV production company Eureka Productions.

De Maio Entertainment, a Fremantle-backed company, will be a strategic advisor and partner in Element Pictures’ production slate, using “extensive experience to optimize strategy and maximize the impact and success of each project.”

World Nation News Deskhttps://www.worldnationnews.com
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