Pinewood to Sell Its Stake in TV Joint Venture
StoryFirst, which established Pinewood TV as a joint venture for high-end dramas, is buying out Pinewood's half.
Just over a year and a half after it was set up, the Pinewood Group is set to sell its 50 percent stake in its TV drama production joint venture.
Pinewood Television was established as a 50-50 venture between Pinewood and StoryFirst, owned by U.S. media entrepreneur Peter Gerwe, to develop, produce and finance high-end TV drama. It recently saw its first commission, the Benedict Cumberbatch-starring adaptation of The Child in Time, air on the BBC.
But StoryFirst has now agreed to buy out Pinewood's 50 percent stake. Financial terms weren't disclosed.
Headed by managing director Helen Gregory, who is set to remain in place, Pinewood Television will be renamed from Oct. 31. The new name wasn't immediately announced.
“Under Helen Gregory’s leadership, after only 18 months of operation, the business is flourishing and is well on its way to being a major player in scripted television drama," said Gerwe. "Helen and her team will continue to build the company. StoryFirst intends to make additional investments in the growing slate of exciting high-end TV drama projects under the new banner."
Added Paul Golding, the Pinewood Group’s chairman: "We’re delighted to have been instrumental in establishing the business, and we wish StoryFirst every success in the next stage of the company’s development. In the meantime, Pinewood will continue to finance independent screen-based content rather than developing new material."