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Leftfield's Brent Montgomery appointed CEO of ITV America

By Michele Maatouk

Date: Thursday 03 Dec 2015

Leftfield's Brent Montgomery appointed CEO of ITV America

(ShareCast News) - Broadcaster ITV has appointed Brent Montgomery, the current chief executive of Leftfield Entertainment, as CEO of ITV America.
Montgomery will manage all of ITV's US businesses. As a result, and in order to facilitate the integration of Leftfield within ITV America, ITV has accelerated the acquisition of the outstanding 20% of Leftfield owned by Montgomery.

ITV acquired a controlling stake in Leftfield in May 2014 from Montgomery, who founded the company.

The original terms under which ITV acquired its initial 80% interest included potential future payments linked to Leftfield's profit growth and put and call options under which ITV would acquire the remaining 20%.

"In consideration for the acquisition of the outstanding 20% immediately, these arrangements have been cancelled and ITV has assumed certain obligations of Brent Montgomery in relation to Leftfield, most notably settlement of the earn outs for its subsidiaries," the company said.

There is no initial cash consideration payable by ITV and the maximum consideration payable for the remaining 20%, including the assumed obligations, is $100m.

Leftfield is an independent producer of reality programmes such as 'Pawn Stars' and 'Real Housewives of New Jersey'.

At 1410 GMT, ITV shares were down 1% to 269.80p.

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