With one eye firmly on global expansion, Sony Pictures Entertainment confirmed yesterday it is making an offer to acquire all issued shares of the owner of the Who Wants to be a Millionaire? brand, 2waytraffic.
The offer is for an initial cash consideration of £114.3 million. This is subject to the satisfaction of certain conditions, including acceptance by shareholders holding not less than 95 per cent of the issued shares of 2waytraffic and various regulatory approvals.
2waytraffic's board has recommended that shareholders accept the offer.
Based in The Netherlands, 2waytraffic creates, produces, licences and distributes entertainment content across TV, mobile and digital formats. As well as Who Wants To Be a Millionaire?, the firm boasts You Are What You Eat, Take It Or Leave It, Brainest and That's the Question in its portfolio.
"One important key to the growth of Sony Pictures in the years ahead is global expansion," said Michael Lynton, chairman amd CEO of SPE.
"With the potential acquisition of 2waytraffic, we would have the opportunity to expand our access to new content and increase our interactive and distribution capabilities around the world. This would complement our successful scripted production and distribution business, and speed up the growth of our light entertainment business."
Kees Abrahams, chief executive of 2waytraffic, added: "In the relatively short trading history of 2waytraffic we are proud of our growth and accomplishments."