Shortly after announcing that it had sold its Ark Technology platform to Virgin Media and also signed a long-term content deal with the dominant UK cable operator (see article in this issue), UK-based interactive TV formats and production company, Two Way TV, revealed that Ingenious Media Active Capital has acquired a controlling equity stake (approximately 84%) in it for £5.34 million. According to the companies, the focus of Ingenious's investment will be to build up Two Way TV's production capabilities for "mass participation" entertainment. While Two Way TV has a long history as a provider of technological infrastructure for mass participation shows (including "Test the Nation," "X-Factor," and "Big Brother"), it has over the past few years significantly expanded its own format-development and production capabilities: the company claims to have secured commissions for over 500 hours of programming--consisting largely of gaming and play-along quiz TV formats--from the Independent Television Network (generally referred to by the acronym, "ITV"), Sky Movies, and a number of other broadcasters. It plans to use Ingenious's investment to expand its creative and production teams to develop new interactive shows for mainstream broadcast. It also plans to open a new office in Los Angeles, to further its goal of targeting the US market.
As a result of the deal, Sanjay Wadhwani, a director of Ingenious Ventures, will join Two Way TV's board as a non-executive director. In addition, a new non-executive chairman from Ingenious's network will be announced in the coming weeks, the companies say. Otherwise, Two Way TV's senior management team will remain unchanged, at least for now, with Jean de Fougerolles staying on as CEO, Guy Templer as commercial director, and James Turner as sales director. "We have been very interested in the participation TV space as it has become a permanent feature of the media landscape with broadcasters continuing to seek more innovative ways to enhance their programming and engage audiences through increasingly interactive content," Patrick McKenna, director of Ingenious Media Active Capital, said in a prepared statement. "There is massive growth potential in this industry both in the UK and around the world, particularly in the US. Two Way TV can bring both skill-based and gaming-based models to bear in this market and IMAC will actively seek synergies between Two Way TV and our other portfolio companies to realize that rich market potential."
Originally Published: May 30, 2007 in [itvt] Issue 7.32
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