(Alliance News) - STV Group PLC on Wednesday said it has purchased a minority stake in drama producer Two Cities Television for an undisclosed sum.
The free-to-air television channel serving Scotland said it also has an option to increase its initial 25% stake to a majority interest over the next three years.
BBC Studios, an original investor in Two Cities Television, is exiting as part of the transaction.
Two Cities Television is the company behind Patrick Melrose, a five-part drama miniseries starring Benedict Cumberbatch. STV said the partnership will further enhance its reputation as a drama producer whilst providing Two Cities with creative and financial support.
"Our Two Cities investment will accelerate our growth plan to create a world class, nations-based production business," said STV Chief Executive Simon Pitts.
STV shares were trading 0.5% lower in London on Wednesday morning at 435.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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