A unit of German media giant Bertelsmann has acquired a majority stake in Dublin-based Element Pictures, makers of the popular TV series Normal People, based on the novel by Sally Rooney.
London-based remantle today confirmed the takeover.
Element Pictures was founded 21 years ago by Ed Guiney and Andrew Lowe.
They said the company and its employees are entering a “new and ambitious phase of growth” with the Fremantle deal.
Fremantle belongs to the RTL Group, which in turn belongs to Bertelsmann.
The German group includes Penguin Random House and the music company BMG.
Element Pictures has a strong track record of producing successful shows.
One of his latest productions is conversations with friends, which is based on another novel of the same name by Sally Rooney. The 12-part series will air Sunday on BBC and Hulu.
According to Fremantle, the deal with Element underscores the London company’s strategic plan to invest in and develop “premium manufacturing companies and creative talent from around the world.”
Element Pictures Ltd accounts show that it made a loss of €794,000 in 2020, taking its retained earnings to €2.4 million.
Last August, RTL Group raised Fremantle’s full-year revenue target to €3 billion by 2025.
Fremantle has been on an acquisition spree since last year.
It has bought British production company Dancing Ledge, Italian company Lux Vide and Australian-American television production company Eureka Productions.
De Maio Entertainment, a Fremantle-backed company, will serve as a strategic advisor and partner across Element Pictures’ production lineup, leveraging its “extensive experience to optimize strategy and maximize the impact and success of each project.”
https://www.independent.ie/business/irish/irish-producer-of-normal-people-sells-stake-to-london-based-fremantle-41636571.html The Irish producer of Normal People is selling shares in the London company Fremantle