News

15 December 2008

ENDEMOL ACQUIRES STAKE IN TELENOVELA PRODUCER, UNDERGROUND

Endemol, a world leader in entertainment programming, today announced that it has entered into a new partnership with one of Argentina's most successful telenovela producers, Underground.

The deal will see Endemol take a minority share in Underground with an option to acquire a majority stake. It will also establish a 50/50 joint venture agreement whereby Endemol will be the exclusive distributor and co-production partner of all Underground's future properties.

Endemol Argentina and Underground are currently co-producing the smash hit telenovela The Successful Mr. and Mrs. Pells, which launched this November on Telefe. The series has become Argentina's most watched show, launching with a 38% market share, going on to achieve phenomenal shares of over 50% and peaking at 60% - compared to the channel average of 35.5%.

The series, which was originally scheduled for a run of 120 x 60mins, has already been commissioned for a further 30 episodes. Endemol and Telefe are distributing both the finished series and the scripted format and deals are expected to be announced soon in several major territories.

Underground's other hit shows include "LaLola", which since launching in 2007 has won seventeen of Latin America's most prestigious TV industry awards. The series is a major ratings winner for America TV and has been picked up by numerous major territories around the world. The company is also producing the forthcoming feature film "Ringo", a biopic on world famous Argentinean heavyweight boxer Ringo Bonavena.

Martin Kweller, Managing Director of Endemol Argentina and Creative Director for Latin America comments: "One of the key growth opportunities for Endemol is to significantly increase our activities in the telenovela business, which is no longer just a Latin American phenomenon, but a rapidly expanding part of the international TV market. Bringing together Endemol's global distribution and production resources with Underground's creative capacity to deliver breakout hits in this genre will be an extremely powerful combination."

Underground is headed up by Sebastian Ortega.

Sebastian comments: "Underground was set up in 2006 with two goals: the challenge of producing fiction series locally and reaching new markets. This JV will help us achieve our second goal, to increase penetration and position of the product in markets in which Endemol is already established. We are really happy with the success of Pells; we have received excellent reviews, ratings are great and there is interest of key territories such as US, Spain Russia, France, Germany and Mexico."