By Sahil Patel
ITV plc, the broadcaster behind one of Britain’s oldest and biggest television networks, has made an investment in Believe Entertainment Group, the digital studio behind shows like LeBron James’ “The LeBrons,” DJ Tiesto’s “In the Booth,” and the Jay Mohr-hosted “Money Where Your Mouth Is.” Financial terms of the deal were not disclosed.
Per the deal, ITV will serve as a “strategic partner” for Believe Entertainment Group, contributing its US-based production resources, talent relationships, and expertise in international distribution to support the studio’s existing and upcoming projects. In exchange, ITV will tap Believe Entertainment Group to “maximize” its own long-form TV formats.
“As the entertainment industry continues to converge to meet the demands of consumers and how they want to view content, this partnership offers both companies a distinct competitive advantage,” said Believe Entertainment Group co-founders Dan Goodman and William H. Masterson III in a statement. “ITV will offer numerous opportunities for us to grow our efforts in multiple formats, channels, and globally to the benefit of both our talent and brand partners.”
Believe Entertainment has “several” new initiatives currently in development, which will be announced soon, the studio said.
Founded by the duo five years ago, Believe Entertainment Group’s content model is to develop short-form digital projects in partnership with big-name talent, and then to pair those projects with top brands, which are natively integrated into the programming. Previous brand clients have included Nike, Intel, and McDonald’s.
Shows developed by the studio have been distributed across multiple platforms, including YouTube, Xbox, and Hulu.
“Believe Entertainment Group’s expertise has generated hundreds of millions of views in just under five years. This added to Dan and Bill’s combined 35 years in advertising, digital, media, and entertainment, makes them a compelling strategic partner for ITV,” said Paul Buccieri, chairman of ITV Studios US Group and ITV Studios Global Entertainment.
As part of its investment, ITV will also join Believe Entertainment Group’s board of directors.