UK-based independent production group Ten Alps has bought a stake in Chrysalis Vision, the recently formed drama indie and spiritual predecessor to Chrysalis TV, which became All3Media.
Ten Alps said this morning it has made a £50,000 (US$78,000) strategic investment in the new Chrysalis, taking a 12% stake in the new company, and will add £200,000 of convertible loan stock over the next 20 months that can be converted into stock at Ten Alps’ discretion.
The firm will also have the option of taking majority control of the company through another two planned investments in exchange for 750,000 new shares.
The deal marks a move into drama by factual specialist Ten Alps, which has the option to convert the loan notes into equity in Chrysalis at any point over a two-year period starting next year.
The CEO of Ten Alps, Mark Wood, has been appointed a non-executive director of the Chrysalis board following the deal.
Should Ten Alps take control of Chrysalis, the prodco would sit alongside Films Of Record, Reef Television and Brook Lapping.
Former Chrysalis TV Group bosses Mick Pilsworth (pictured) and Chris Wright launched Chrysalis Vision last year with former Channel 4 chairman (and Ten Alps non-executive director) Luke Johnson and entrepreneur Roger Parry. Company accounts show that Chrysalis posted an operating loss of £217,000 in the twelve months to February.
Wood, CEO of Ten Alps, said: “Ten Alps has already broadened its range of television production through the acquisition of Reef TV, a leader in daytime factual entertainment, completed earlier this month.
“The investment in Chrysalis Vision enables us to extend that range still further with a low-risk entry into the potentially high-margin drama market. We are backing an impressive and proven team and acquiring a new set of skills and ambitions.”
Wright, Chrysalis Vision’s chairman added: “Chrysalis Vision is still at an early stage of developing a range of ambitious projects. The partnership with Ten Alps will greatly strengthen our economics by sharing a range of facilities and contacts.”
Chrysalis Vision has set out to be a dedicated drama producer. It says its long-term plan is to have four or five returning series on air around the world and to achieve that aim expects to develop over 100 original ideas.