Endemol snaps up Southern Star

Endemol has acquired Australian drama producer and distributor Southern Star from parent company Fairfax Media in a transaction worth A$75m (£35.5m).

Southern Star, which holds the international distribution rights to shows ranging from Home and Away to ITV1's Wire in the Blood, already had a joint venture - Endemol Southern Star - with its new owners. That operation, along with Southern Star International and Southern Star Entertainment, will now be absorbed into Endemol although top executives including CEO Hugh Marks will continue in their current roles. Southern Star Factual, the firm's UK-based natural history and science production company, is not included in the deal.

Fairfax said in a stock exchange announcement that the deal also includes a deferred consideration based on the performance of the business over the next three years.