Endemol acquires Authentic
Agreed to majority stake in reality production companyNEW YORK -- Endemol has agreed to acquire a majority stake in L.A.-based reality production outfit Authentic Entertainment.
It is responsible for such cable shows as Bravo's "Flipping Out," Food Network's "Ace of Cakes" and "The Best Thing I Ever Ate," as well as TLC's "Toddlers and Tiaras" and We's "You're Wearing That?," among others.
The firm was founded in 2000 by Lauren Lexton and Tom Rogan.
The deal follows the acquisitions of several reality companies by larger entities in recent years, such as Endemol's deal for a controlling stake in 51 Minds, Shine Group's purchase of Reveille, FremantleMedia North America's buy of a stake in Original Prods. and Tom Forman's joining Relativity Media.
The companies didn't provide financial details, but sources said the value of the deal was more than $60 million.
"We have been following their growth over the last few years and were impressed by the variety and quality of their shows," said Endemol North America chairman David Goldberg. "This growth, and the versatility in their programming will only help to further diversify Endemol North America's business."
Ynon Kreiz, chairman and CEO of Endemol Group, said the acquisition was "in line with Endemol's global growth strategy of combining organic growth and expansion through acquisitions." It will "significantly contribute" to the company's plans for further growth in the U.S. cable space, he added.
"This deal reinforces our position in the U.S. while also giving us the global leverage that comes with belonging to the Endemol network," said Lexton.
Rogan said the duo is looking forward to working with Endemol's "extremely talented teams, both in the U.S. and internationally, to build on the success we've achieved over the last ten years."