Sony buys 'American Idol' producer Industrial Media in $350 million deal
Sony Pictures Television is acquiring a majority stake in unscripted TV producer Industrial Media in a deal that values the company at $350 million.SPT is primarily known for scripted shows and popular games shows like "Jeopardy!" and "Wheel of Fortune."
Industrial Media produces around 100 reality TV shows, including "So You Think You Can Dance?", "Indian Matchmaking" and TLC's "90 Day Fiance" franchise. It co-produces "American Idol" with Fremantle.Industrial Media founder Eli Holzman will join SPT as president of nonfiction entertainment. Holzman’s longtime producing partner, Industrial Media President Aaron Saidman, will join SPT as co-president of nonfiction entertainment.After the deal closes, Holly Jacobs, SPT’s executive vice president of alternative and syndicated programming, will leave the studio. She will segue into a producing deal with Sony.Industrial Media was formed in 2018 when Holzman's The Intellectual Property Corp merged with Core Media.
Industrial Media includes the following production companies: 19 Entertainment, B17 Entertainment, House of NonFiction, Sharp Entertainment, The Intellectual Property Corporation , This Machine Filmworks, This Radicle Act, and Trilogy Films.Investors in Industrial Media included Crestview Partners, BlackRock and United Talent Agency.
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