FremantleMedia Takes Stake in Germany's Divimove
The “X Factor” and “Idols” producer strikes a strategic partnership with the German online-only network.
COLOGNE, Germany – FremantleMedia, the producer of the X Factor and Idols formats, has signed a strategic partnership with online-only network Divimove in Germany that will see Fremantle take a minority stake in the firm with an option to increase its investment in the future.
Financial terms weren't disclosed.
Divimove, set up last year, says it is one of Europe's leading multi-channel networks, operating more than 950 YouTube channels that generate more than 150 million views per month.
Fremantle content is extremely popular online. The company estimates it will get some 4 billion views on YouTube this year alone. The company, owned by European broadcaster RTL Group, part of German media giant Bertelsmann, has made monetizing those online eyeballs a priority.
"This is an important step in our strategic goal to become the leading creator, producer and distributor of content on emerging digital platforms," said Keith Hindle, CEO of digital and branded entertainment at FremantleMedia. "We’ve had great success in creating market-leading digital extensions of our TV properties, and are now keen to work closely with Divimove, which brings a network of talented content creators producing for new digital platforms. We have been very impressed by the skill and passion of the management team and look forward to helping them build on their success."