3rd December 2015
ITV appoints CEO of ITV America
ITV plc today announced that Brent Montgomery, the current CEO of Leftfield Entertainment, has been appointed CEO of ITV America.
As CEO of ITV America, Brent Montgomery will manage all of ITV's US businesses. As a result, and in order to facilitate the integration of Leftfield within ITV America, ITV has accelerated the acquisition of the outstanding 20% of Leftfield owned by Brent Montgomery.
The original terms under which ITV acquired its initial 80% interest included potential future payments linked to Leftfield's profit growth and put and call options under which ITV would acquire the remaining 20%. In consideration for the acquisition of the outstanding 20% immediately, these arrangements have been cancelled and ITV has assumed certain obligations of Brent Montgomery in relation to Leftfield, most notably settlement of the earn outs for its subsidiaries.
There is no initial cash consideration payable at this stage by ITV and the maximum consideration payable by ITV for the remaining 20%, including the assumed obligations, is $100m.
This transaction is disclosable under the smaller related party transaction rule LR 11.1.10.
ENDS
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