U.K. TV Producer Ten Alps to Acquire Reef, Bob Geldof to Leave Board

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 deal came in conjunction with a recapitalization that gives the company new funding and includes a conversion of debt into equity.