EXCLUSIVE: Channel 4-backed Two Rivers Media, a major player in the Scottish TV production game, has bought back its stake from initial backer Noble Grossart, the merchant bank. CEO Alan Clements has taken a majority share.
Noble supported Two Rivers with an undisclosed investment when the indie was launched in 2019 by former STV Studios boss Clements and increased its number of shares when Two Rivers broke away from troubled Canadian outfit Kew Media in 2020. It ceased to be a person with significant control last week, according to Companies House documents.
Channel 4 remains the sole investor with a 17% stake in the company, which is part of its Indie Growth Fund.
A spokesperson for Two Rivers confirmed the news.
“Two Rivers Media confirms that Alan Clements has acquired Noble Grossart Investment’s interest in the company,” he said. “Alan expresses his thanks to Noble Grossart for the role their investment has played in the growth of Two Rivers and the support and guidance they have given over the last three years.”
Two Rivers has grown quickly since launch, producing well received documentaries such as BBC Scotland’s Killing Escobar, Smithsonian Channel’s Cassius X: Becoming Ali and the BBC’s Frankie Boyle’s Tour of Scotland, along with taking on production of popular Channel 4 format Escape to the Chateau.
It recently landed a lucrative Paramount+ commission for Monster: The Mystery of Loch Ness and has pushed into drama by optioning Simon Kuper’s Chums and Philip Miller’s The Goldenacre.
Deadline revealed in May that Two Rivers Head of Factual Mick McAvoy was exiting the business and he has since resurfaced at fellow Scottish producer Firecrest Films.