British production company Fremantle has acquired a majority stake in Element Pictures, the Dublin-based company behind global phenomenon Normal People.
Working across production, distribution, and exhibition, Element Pictures is managed by co-founders Ed Guiney and Andrew Lowe, with offices in Dublin, London and Belfast.
Element is also behind the upcoming television production of Sally Rooney’s novel Conversations with Friends, and previously produced the Academy Award-winning films The Favourite and Room.
Fremantle said the deal was spearheaded by group chief operating officer and continental Europe chief executive Andrea Scrosati and Lorenzo De Maio of De Maio Entertainment.
“The acquisition further underlines Fremantle’s strategic plan to invest in and develop premium production companies and creative talents from around the world,” the group said on Tuesday.
Element Pictures' upcoming television productions include Conversations with Friends, a 12-part series directed by Lenny Abrahamson and Leanne Welham and co-written by Alice Birch. It will premiere on BBC and Hulu on May 15th, and will roll out globally soon after. It will air on RTÉ One on May 18th.
Record audience numbers
That follows Element Pictures’ award-winning adaptation of Sally Rooney’s best-selling novel Normal People, released in 2020, which achieved record audience numbers worldwide.
In a joint statement following the announcement, Mr Guiney and Mr Lowe said they were “incredibly excited” by the venture.
“Element Pictures is 21 years old this year and it is incredibly exciting for us and our wonderful colleagues to be entering a new and ambitious phase of growth in partnership with our friends at Fremantle at a truly exhilarating time for our industry,” they said.
“We are huge fans of the people at Fremantle, their vision for the future and the extraordinary talent they are working with across film and television.
“Collaborating closely with Jen, Andrea, Lorenzo, Christian, Jens and their brilliant team will allow us to build on and grow our existing relationships with the very best creators in the world and expand our capacity to make exceptional film and television drama for international audiences.”
Mr Scrosati added that Fremantle was “proud” to be investing and partnering with the “very best creative minds in the business” at Element.
“We look forward to working closely with their immensely talented creatives, helping to build on their slate of high-quality, sophisticated and powerful productions.
‘Creative freedom’
“Creative freedom will sit at the very heart of this partnership, and everyone at Fremantle is excited to be working with the Element Pictures team and supporting their growth internationally.”
Last August, RTL Group announced its aim to increase Fremantle’s full-year revenue target to €3 billion by 2025.
Fremantle said the acquisition of Element Pictures forms part of its wider growth strategy to invest in production companies, content and talent around the world “to source the best creative ideas, develop and create strong and unmissable IP”.
In addition to spearheading the deal, De Maio Entertainment, a Fremantle-backed company, will be a strategic advisor and partner across Element Pictures’ portfolio with a central role in group strategy.
Fremantle operates in 26 territories and claims more than 480 million fans across 1,600 social channels.
Element Pictures also runs a distribution company in Ireland as well as the Light House Cinema in Dublin and Pálás Cinema in Galway, which fall outside the scope of the transaction.
