One of the world's largest media organisations, Granada Group and the Seven Network Australia will form to create Australia's largest independent tv production company to be launched in March.
Granada/Seven will produce programs for the Australian market and will focus on drama, comedy and general entertainment programming. The new production company will employ up to 700 people, and will produce at least 350 hours of programming - 200 of which will be made for Seven.
"The production company is part of Granada Media's strategy to develop international production businesses to provide programming for the Australian, UK and other international markets." says Granada's Chief Executive Charles Allen.
Seven's Kerry Stokes says the Granada formation has many benefits to both companies.
"While the transaction to create the new production company will be profit neutral for Seven, it creates opportunities that should give rise to future profit and employment possibilities."
