Sony buys Who Wants To Be a Millionaire? parent

Author:
Publish date:

Sony is set to buy 2Waytraffic, the independent production company that owns the rights to Who Wants to Be a Millionaire.

According to BrandRepublic, the deal is valued at 137.5 million.

2Waytraffic was set up in 2004 by former Endemol executives. The firm snapped up the rights to Who Wants To Be A Millionaire when it bought Celador International two years ago.

Sony Pictures Television – the branch of the company that handled the deal – already owns the rights to quiz shows such as Jeopardy and Wheel of Fortune.

Kees Abrahams, CEO of 2waytraffic, said: "The combination of 2waytraffic and Sony Pictures Entertainment Inc would allow us to further accelerate its growth strategy to become a leading producer and distributor of TV formats and interactive content across multiple platforms."

Sony is paying 2Waytraffic 108p a share, which adds up to an initial payment of 114.3m. The rest of the payment will be based on future performance. 2Waytraffic's directors have recommended that investors accept the offer.

In a trading statement issued today, 2Waytraffic said it expected to report pre-tax earnings of €29m for 2007.

Related