26th Jan 2016 09:50
LONDON (Alliance News) - Pinewood Group PLC said on Tuesday it would be launching Pinewood Television Ltd in a joint venture with StoryFirst PST Ltd, to create drama series for television in the international market.
The film studios provider said Pinewood Television would be both an originating producer and a co-producing partner for major drama projects looking for deficit funding, as well as facilitating development, green lighting, marketing and distribution of high end TV drama.
It said it would be working with StoryFirst PST, which is controlled by US media businessman Peter Gerwe, to set up the venture, but did not disclose financial details.
Pinewood added it was in the process of arranging long term external financing from a group of investors and banks to invest directly into the slate.
BBC producer Helen Gregory has been appointed the creative director to lead the company.
"The global demand for high end television continues to rise dramatically and, with fiscal incentives available, the Pinewood television business will participate in this growing market. Pinewood Television's offering will build on the financing experience that Pinewood and StoryFirst has developed to date," said Ivan Dunleavy, chief executive of Pinewood.
Pinewood shares were up 0.2% to 425.85 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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