UK media concern Portman Entertainment has staged a management buy-out from its parent, PrimeEnt, the companies have announced.

Chief executive Tim Buxton and managing director Tristan Whalley are understood to be staying with Portman, which is expected to continue to be active in film and TV sales and production.

PrimeEnt, listed on London's Alternative Investment Market, acquired Portman from VTR for $5.6m (£4m). Previously known as South Beach Concepts, the former fast food restaurant operator aimed to re-position itself as an owner, producer and distributor of entertainment programming.

Portman, best known for selling North American rights on $6m UK marijuana comedy Saving Grace to Fine Line Features for $4m, has been actively involved in feature production and sales since the acquisition. The company's current slate includes Northern Ireland drama Bloody Sunday, made with Granada Films and the Film Council, Metin Huseyin's Anita And Me and the Quickie, starring Jennifer Jason Leigh.

Companies known to have been interested in acquiring or partnering with Portman in the past include rights-owning entity SKD Media, formerly called Sleepy Kids.