ITC Entertainment Sold to Polygram for $156 Million
ITC Entertainment Group, a Studio City movie and television production company, has been acquired by the British music giant Polygram for $156 million.
The sale was made by Montagu Private Equity, a subsidiary of HSBC Investment Bank, which had owned ITC since 1987.
The acquisition includes ITC’s extensive library from its 40-year history, which includes more than 350 feature films. Among its best-known movie productions are “Sophie’s Choice” and “On Golden Pond.”
The purchase also includes ITC’s television series, including such 1960s British cult favorites as “Secret Agent,” “The Prisoner” and “The Saint.”
ITC President and Chief Executive Jules Haimovitz will remain with the company, and will report to Polygram Filmed Entertainment President Michael Kuhn. ITC founder Lord Grade will also act as a consultant to Kuhn.
Kuhn said the acquisition fulfills Polygram’s goal of building a movie and TV studio with production and distribution capabilities.