021 Television bows to Gravity Media18 January 2006
On January 16 Gravity Media Group (GMG) announced that it has completed a transaction with ITV to purchase OB facilities company 021 Television, writes Fergal Ringrose.
Commenting on the acquisition, John Newton, CEO of GMG, said, "Rights holders and broadcasters are looking to service providers to provide a comprehensive integrated solution, particularly on large scale projects."
GMG will be a leading facilities provider at the World Cup in later this year, providing services to several clients including HBS and ITV. The Group is currently providing the host broadcast facilities for the Australian Tennis Open, to be followed by the Commonwealth Games in March. Gravity Media Group was established in 1993 and incorporates Gearhouse Broadcast, Gearhouse Broadcast US and Gearhouse Broadcast Australia.
"With its powerful brand name and highly skilled labour resource we are confident that 021 Television has strong growth potential," said Gravity Media Group CFO Warren Newbert. He added, "We recognise the need for consolidation in the market place and we expect that only large companies will be able to deliver acceptable returns."
The business will continue as 021 Television, based in Birmingham, led by the same management team headed by Rob Hollier. This is the second acquisition completed by GMG following the previous deal in September 2004 when it acquired the outside broadcast division of Seven Network.