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U.K. TV production firm Ten Alps said Wednesday that it has agreed to acquire Reef Television for approximately $7.8 million (£5 million) as British producers continue to consolidate.
Musician Bob Geldof, who co-founded the company in 1999, will step down from the Ten Alps board along with fellow board member Timothy Hoare. The company said they will be replaced by former Channel 4 chairman Luke Johnson and Jonathan Goodwin as non-executive directors. Geldof will remain a shareholder.
The price tag for the deal is comprised of £2 million in initial consideration and deferred consideration of up to £3 million plus an additional amount of a possible earn-out.
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