American Idol began on Fox before being revived on ABC, and now those behind the show and a ton of other non-scripted productions are selling the series’ ownership company to Sony’s television arm in a nine-figure deal.
Today, Variety reported that Industrial Media will be acquired by Sony Pictures Television Inc. for $350 million. Once the deal is closed, Sony will have a controlling stake in the company and will assume the rights to American Idol, 90 Day Fiancé, So You Think You Can Dance and the Secrets of Playboy documentary series currently airing on A&E.
While the deal is subject to regulatory approval, such processes have been little more than a formality for companies in recent years. Disney was able to purchase Fox’s entertainment assets with ease and Sony executive Ravi Ahuja made clear in a statement he is confident the transaction will close and add to the company’s expansive portfolio.
“At SPT, our focus is on leadership and quality in growing areas of television, and nonfiction content makes up a significant share of TV viewing. Acquiring Industrial Media gives us scale and expertise that nicely complements our current TV production businesses. Eli, Aaron and their talented group of producers have consistently succeeded with high-quality series and documentaries.”
Projects overseen by Sony in the small screen space also include Breaking Bad and Amazon’s The Boys, with production credits including Shark Tank, Days of Our Lives and Cobra Kai.
Published: Mar 4, 2022 06:04 am