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Deal Update: ITV Studios Acquires Majority Stake in Plano a Plano
What is going on here?
ITV Studios has acquired a majority stake in Plano a Plano, one of Spain’s leading scripted production companies. Plano a Plano is known for its hit series Valeria (a global Netflix Top 5 international drama), El Principe (sold to over 60 international markets), and the long-running daily telenovela Servir y Proteger for Spanish broadcaster TVE.
The deal was advised by CMS, with a cross-border, multi-disciplinary team from its UK and Spain offices.
The seller’s side - that is, the shareholders of Plano a Plano - were advised by ABP Advisory.
What does it mean?
This acquisition marks another step in ITV’s strategy to expand its international content footprint and strengthen its portfolio of globally successful productions. By investing in Plano a Plano, ITV Studios gains access to Spanish-language scripted content, which is increasingly in demand worldwide, particularly across streaming platforms like Netflix and Amazon Prime.
From a legal perspective, the deal demonstrates the growing complexity of cross-border media transactions, requiring expertise in corporate, media/IP, tax, and finance law. CMS’s ability to field a multi-jurisdictional team showcases the firm’s strength in advising on high-profile international deals.
Why should I care?
Clients (broadcasters, media companies, investors)
This deal highlights the continuing consolidation of the global TV production market. Content is king, and owning local-language hits with global reach is now a strategic imperative for major studios. Clients looking to expand internationally should note how these deals are structured to secure both creative talent and valuable IP rights.
Law Firms
The transaction illustrates the importance of sector-specific expertise in media and entertainment law, especially in IP-driven industries where rights, royalties, and licensing are crucial. Firms with cross-border capabilities will be well-positioned to win similar mandates.
Aspiring Solicitors
This is a textbook example of how lawyers enable the creative industries to scale internationally. Aspiring solicitors can take note of the interdisciplinary team structure (corporate, media/IP, tax, finance) and the role of law firms in managing complex international transactions. Understanding the commercial drivers behind M&A in media—like the demand for original content in streaming wars—is key for future commercial lawyers.
Legal and Commercial Implications
IP & Rights Management: Securing rights to valuable scripted content across multiple jurisdictions is central to the deal.
Cross-Border Structuring: Tax, corporate, and finance considerations needed careful coordination between the UK and Spanish legal frameworks.
Market Consolidation: ITV’s acquisition of Plano a Plano follows its purchase of Moonage Pictures and Hartswood Films, reflecting a wider trend of consolidation in the production sector.
Streaming Wars Impact: Demand for international scripted content continues to rise, pushing traditional broadcasters to diversify into global markets.
Legal Lingo
Majority Stake Acquisition
A majority stake acquisition occurs when a buyer purchases more than 50% of a company’s shares, granting them control over the business.
Here’s what it entails in practice:
Ownership & Control – By holding the majority of shares, the buyer can generally outvote other shareholders on important company decisions (e.g., appointing directors, approving major business changes).
Legal Implication – It shifts control rights under company law, meaning the buyer effectively becomes the decision-maker, while minority shareholders may still retain some rights (such as protection against unfair prejudice).
Commercial Implication – For ITV Studios, owning a majority of Plano a Plano allows them to direct the creative and business strategy, while still involving the founders or previous owners if they have retained a minority stake. This is common in the media sector to preserve creative talent and continuity.
👉 In short: A majority stake acquisition grants control to the buyer but does not necessarily mean 100% ownership.
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Disclaimer: This format is inspired by techniques I have learned from my mentor and during my LPC, particularly around decoding commercial case studies. If it resembles anyone else’s structure, that’s purely coincidental — but feel free to reach out if you have any concerns. I’m always happy to have a conversation. 😄
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