Hearst will create a joint venture with NorthSouth Productions
Hearst Corporation will acquire 50 percent of NorthSouth Productions, the producer of such Reality TV shows as "Say Yes to the Dress: Atlanta" and "Impractical Jokers."
Terms of the deal were not disclosed, but the joint venture will be part of Hearst Entertainment & Syndication, which has stakes in cable networks A&E, History and ESPN as well as a joint venture with "Survivor" producer Mark Burnett.
Founded in 2000, NorthSouth has corporate offices in New York City and Knoxville, Tenn., and production facilities in Atlanta and Los Angeles.
Hearst executives portrayed the move as one that will strengthen the company's presence in cable production and will enhance its reality programming.
“When we first partnered with Mark Burnett in 2011 and entered television production, we had a strategic vision of building a full-service 21st century production company—NorthSouth is an important piece in furthering this effort," Frank A. Bennack, Jr., CEO of Hearst Corporation, said in a statement.
For NorthSouth the deal was publicly positioned as one that will help it move from simply being an independent production company into becoming a major player.
“Mark and I wanted a partnership that would accelerate the growth we’ve enjoyed over the past few years,” Charlie DeBevoise, co-founder of NorthSouth, said. “The Hearst team has the experience to do that.”