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In 24 hour-long episodes, across two series, aspiring US inventors present their attempts at inventions and retail products in a competition for $1m.
Regional heats were held before panelists Jones, George Foreman, Pat Croce and Sara Blakely picked six finalists. Each was given $50,000 to develop their product before a national vote decided the winner.
Virgin1 head of acquisitions Amy Barham bought the show from Fremantle Media Enterprise's regional sales chief Justin Hatfield.
Barham said: "Virgin1's spring schedule is all about populist, broad entertainment and American Inventor fits the bill perfectly.... The show is pure entertainment and really embodies what Virgin1 stands for."
Hatfield added: "I am very pleased that we have concluded this deal with Virgin1 - it further builds on the great relationship we have with them."
The show initially attracted very strong audiences for ABC though they dropped off through the series.
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