Warner Brothers announced Thursday that it is set to purchase Shed Media for just under $160 million (£100 million).
Shed is best known for it’s television shows “Waterloo Road,” “The Choir” and “Supernanny.” The UK production house said it had agreed to a recommended takeover by WB Bidco, a Warners company.
“The acquisition of Shed will provide Warner Brothers Television Group with a solid foundation as we extend our local television production business to other major territories,” Ronald Goes, head of international TV production at Warner Brothers, said in a statement.
Warners received undertakings and letters of intent from over 73 percent of Shed shareholders backing the deal. Shareholders will receive 115 pence in cash for each share. That represents a 38 percent premium on Shed's closing price on Wednesday of 83.5 pence.