Ingram has backed the buyout of Zenith Entertainment, which is unrelated to the media agency of the same name, through his fund Genesis Investments, created when he sold the media agency he founded to WPP Group in 2001, earning him 拢64m in the process.
The buyout cost is being put at under 拢10m, a major change of price from the 拢30m United Business Media was reported to have offered to pay for the company three years ago. Founded in 1983, Zenith Entertainment has been bolstered by clauses in the new communications bill that call for broadcasters to have a quota of programming supplied from independent producers.
The company was spun out of ITV around 10 years ago to give it independent status. Along with the Saturday morning Cat Deeley-hosted 'CD:UK', Zenith Entertainment has also produced 'Byker Grove', 'Hamish Macbeth', '2000 Acres of Sky' and feature films, including the 1987 hit 'Wish You Were Here' starring Emily Lloyd.
Genesis Investments is funding the buyout along with ProVen. Ingram's company has also invested in a football publication called Non-League Paper. Ingram is also an investor in the non-league Woking FC.
Ingram said: "We are pleased to be investing in Zenith -- a company with the scale, reputation and management to take advantage of the changing independent TV production market. We believe that there are considerable opportunities for Zenith to build upon their existing relationships with -- and productions for -- key broadcasters, while developing valuable rights exploitation and ancillary revenue streams."
The buy out team includes: Adrian Bate, director of drama; Alan Fairholm, director of production; Conor McAnally, director of programmes, Blaze Television; and Pilar Perez, commercial director.
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