Spun Gold becomes ITV takeover target

The Alan Titchmarsh Show producer Spun Gold has reportedly become the latest takeover target for ITV as the broadcaster seeks to usher in "creative renewal" at ITV Studios.

According to Broadcast, ITV is exploring options for taking a stake or launching a full acquisition of Spun Gold. The negotiations, being led by ITV Studios managing director Kevin Lygo, are thought to be at a very early stage.

The development follows ITV's interest in deals with Anthony McPartlin and Declan Donnelly's Gallowgate production company, along with Graham Norton's So Television outfit.

Spun Gold posted revenues of more than £9m last year, delivering pre-tax profits of £720,000. The company is one of ITV's largest suppliers of volume programming, including a recent £12m deal for The Alan Titchmarsh Show.

ITV is thought to be considering a range of acquisitions and partnerships to boost the fortunes of ITV Studios, which saw its internal revenue fall to £68m last year from £73m in 2009. ITV and Spun Gold declined to comment on the speculation.

Last week, it emerged that ITV had ruled out making an acquisition of Shameless and Midsomer Murders producer All3Media, after being put off by the estimated £750m price tag.

Sony Pictures Television and American Idol owner Apollo Global Management have reportedly emerged as frontrunners to acquire the production company.