Disney investment arm Shamrock Capital Growth Fund II has acquired ITV’s stake in cinema advertising firm Screenvision for $80m.
LA-based Shamrock Holdings, the private equity firm founded by Roy E Disney, and known for being a Disney family investment vehicle, has acquired ITV’s 50% stake in cinema advertising specialists Screenvision.
Commenting on the transaction Adam Crozier, chief executive of ITV, said: “This is another important step for ITV as we progress our transformation plan to focus the business on its core objectives of UK multi-platform broadcasting and global content. The proceeds of this sale will positively impact our net debt which decreased by £175m in the six months to 30 June 2010.”
Completion of the transaction is subject to US Hart Scott Rodino anti-trust clearance.
Screenvision provides on-screen advertising, in-cinema promotions and marketing schemes to 15,300 screens in 2,500 cinemas across US. The company was previously a joint venture between ITV plc and Paris-based Technicolor.
From 2003 to 2005, Shamrock was an instrumental force in the SaveDisney campaign. Its current representative investments include, REALD, MediaStorm, PRN, Harlem Globetrotters, Modern Luxury and Publishing Group of America.