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ITV Studios acquires majority stake in Italian production company

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ITV Studios acquires majority stake in Italian production company

ITV Plc-owned ITV Studios purchased a majority stake in Italian production company Cattleya, Digital TV Europe reported Oct. 10.

Cattleya will keep its creative and production independence, with ITV Studios' distribution business, ITV Global Entertainment, having distribution rights to Cattleya productions where rights are available, according to the report.

ITV reportedly said that the acquisition is part of its objective to meet the demand for European drama on subscription video-on-demand platforms and to expand its international drama business. ITV Studios earlier this year acquired a majority stake in French production company Tetra Media Studio.

Cattleya, which has produced more than 70 movies, has focused more on TV drama production in recent years. The drama production is reportedly expected to contribute to around 66% of its revenue by 2019. Series from Cattleya include "Gomorrah" and the Netflix Inc. original Italian series "Suburra."

Financial terms of the deal, or the size of the stake were not disclosed.