Endemol USA Acquires Controlling Share of 51 Minds Entertainment
LOS ANGELES -- Endemol USA, a subsidiary of the Endemol Group, a global leader in entertainment, today announced the acquisition of 51 Minds Entertainment, an independent production company renowned for some of the most provocative programming on air, including "Flavor of Love," "I Love New York" and "The Surreal Life."
The acquisition boosts Endemol USA's leadership in non-scripted programming and enriches Endemol's catalogue with 51 Minds Entertainment's valuable library of formats and ready-made shows.
51 Minds Entertainment was created by bringing together Cris Abrego's 51 Pictures and Mark Cronin's Mindless Entertainment. The company's programming has helped catapult VH1 to a top ten cable network having delivered 20 series representing 11 different hit franchises that are the network's highest rated originals. 51 Minds Entertainment continues delivering hit after hit, giving VH1 its biggest audiences ever.
In addition to traditional broadcast ratings success, 51 Minds Entertainments' programs have also helped foster growth in VH1's digital and VOD platforms. The company's digital content is a major driver for VH1.com, at one point making up over 85% of the site's streams and two-thirds of VOD orders.
"Cris and I are excited about joining forces with Endemol," stated 51 Minds Entertainment principal Mark Cronin. "They are a powerful player in formatted Network Television and have the ability to exploit their programming on a global scale. Their expertise and resources will help expand our reach and take our company to the next level."
"Our intention is to stay on course and continue to provide more hit programming for VH1 while simultaneously expanding to Network Television and new media outlets," added 51 Minds Entertainment principal Cris Abrego. "We will maintain our independent profile while taking advantage of our new international access."
"51 Minds is a very unique company which has demonstrated the rare ability to consistently deliver a high volume of hit shows," said Endemol USA President and CEO David Goldberg. "51 Minds has made a name for itself by developing the kind of pioneering content that Endemol has built its reputation on. The acquisition of 51 Minds infuses the Endemol Group with fresh content, expands the library and significantly increases our US market share. I look forward with great enthusiasm to working with Cris, Mark and the 51 Minds team as we search for new ways to expand their already impressive business."
Ron Milkes, SVP of Corporate Development Endemol USA, added: "This is an excellent acquisition for Endemol USA, both in terms of expanding Endemol USA's position in reality television programming, as well as helping Endemol USA's continued expansion into the creation of digital and advertiser funded content."
51 Minds Entertainment currently employs more than 200 people. Following Endemol's acquisition, 51 Minds Entertainment will continue to operate out of its offices in Los Angeles as an independent studio within Endemol USA.
Endemol is a global leader in entertainment. The company produces premium content for the world's major broadcasters and digital media platforms, creating entertainment that plays across TV, online and mobile.
Endemol comprises an international network of companies that spans over 20 countries on five continents including the USA, the UK, Spain, Italy, France, Germany and the Netherlands, as well as Latin America, India, South Africa and Australia.
The company's creative teams around the world are continuously developing new entertainment properties that are shared across the Endemol network. Endemol currently has a growing library of over 1000 titles covering all genres.
Endemol is owned by a consortium consisting of Goldman Sachs Capital Partners, Mediaset Group and Cyrte Group. For more information, please visit www.endemol.com.
ABOUT 51 MINDS ENTERTAINMENT
51 Minds Entertainment was forged by bringing together the producing team of Cris Abrego (51 Pictures) and Mark Cronin (Mindless Entertainment). In 2003 the young team brought its first show, The Surreal Life, to The WB line-up, seeking a fusion between the reality genre and fame.
The 51 Minds brand and their style of celebreality quickly gained notoriety. To date, the team has produced such celebreality ratings hits as My Fair Brady, The Surreal Life, Rock of Love and the successful Flavor of Love franchise.
Having produced over 10 celebreality series in the last 4 years, the team continues to produce shows that provide the hilarious and ridiculous antics that made the 51 Minds brand of entertainment successful.