The indie, a joint venture between Hat Trick Productions and the management team of David Young and Andy Culpin, has been purchased for £26m in cash with a further £9m payable by 2011 contingent on profit targets.
"We are delighted that 12 Yard is ITV's first acquisition since the announcement of our growth strategy, and I look forward to making further announcements in due course," said Dawn Airey, ITV's director of global content. "David and his team have built an iconic hit machine that will continue to produce great shows for all its clients, but now as part of the ITV family."
ITV plans to leverage 12 Yard's productions for "immediate access to growth in the profitable gameshow format market". Granada International will become the sole overseas distributor of 12 Yard's programming.
"We are immensely proud to be teaming up with Dawn Airey and the ITV Global Content Division," said 12 Yard managing director David Young. "ITV is the biggest commercial shop window in UK broadcasting. At a time when the demand for global hit formats is greater than ever, Andy Culpin and I believe that this new home can help establish the company as one of the leading creators and producers of entertainment formats across the world."