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MUMBAI:
Television format creator and distributor Endemol has acquired
controlling stake in 51 Minds Entertainment, an independent
production company in the US which has made shows like Flavour
of Love and I Love New York.
The
acquisition boosts Endemol USA’s leadership in non-scripted
programming and enriches Endemol’s catalogue with 51
Minds Entertainment’s valuable library of formats and
ready-made shows.
51
Minds Entertainment was created by bringing together Cris
Abrego’s 51 Pictures and Mark Cronin’s Mindless
Entertainment. The company’s programming has helped catapult
VH1 to a top ten cable network having delivered 20 series,
representing 11 different hit franchises that are the network’s
highest rated originals. 51 Minds Entertainment continues
delivering hit after hit, giving VH1 its biggest audiences
ever.
In
addition to traditional broadcast ratings success, 51 Minds
Entertainments’ programs have also helped foster growth
in VH1’s digital and VoD platforms. The company’s
digital content is a major driver for VH1.com, at one point
making up over 85 per cent of the site’s streams and
two-thirds of VoD orders.
Endemol
Group COO Marco Bassetti says, “This acquisition is in
line with our ongoing strategy for growth in non scripted
television. 51 Minds Entertainment has made a name for itself
by developing the kind of pioneering content that Endemol
has built its reputation on. Endemol will continue to look
for acquisitions, particularly in the area of digital media
and advertiser funded/branded content.”
Endemol
US president and CEO David Goldberg says, “51 Minds Entertainment
is a very unique company, which has demonstrated the rare
ability to consistently deliver a high volume of hit shows.
This acquisition infuses the Endemol Group with fresh content,
expands the library and significantly increases our US market
share. I look forward with great enthusiasm to working with
Cris, Mark and the 51 Minds team as we search for new ways
to expand their already impressive business.”
51
Minds Entertainment principal Mark Cronin says, "Cris
and I are excited about joining forces with Endemol. They
are a powerful player in formatted Network Television and
have the ability to exploit their programming on a global
scale. Their expertise and resources will help expand our
reach and take our company to the next level."
51
Minds Entertainment principal Cris Abrego says, "Our
intention is to stay on course and continue to provide more
hit programming for VH1 while simultaneously expanding to
Network Television and new media outlets,” . “We
will maintain our independent profile while taking advantage
of our new international access."
51
Minds Entertainment currently employs more than 200 people.
Following Endemol’s acquisition, 51 Minds Entertainment
will continue to operate out of its offices in Los Angeles
as an independent studio within Endemol US.
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