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October 27, 2005updated 22 Nov 2022 5:19pm

Wark set to sell production company

By Press Gazette

By Hamish Mackay

BBC TV Newsnight presenter Kirsty Wark could pocket £2m-£3m if the
sale of Glasgow-based independent TV production company IWC Media goes
ahead as expected.

Industry sources are confident IWC Media will be taken over by
English independent RDF Media for £10m- £15m within the next few weeks.

The
two companies have worked together for more than a year, with RDF
contracting IWC to develop programme ideas in return for first refusal
rights over much of IWC’s output.

A spokesman for IWC Media said:
“We can confirm we are in the early stages of discussions with RDF
Media, and that we will announce any developments as and when they
happen.”

Wark is a non-executive director of IWC Media – the
company formed bythe merger of Wark Clements and Ideal World, run by
Muriel Gray and her husband Hamish Barbour. Wark and her husband Alan
Clements were co-founders of Wark Clements.

Barbour and Clements
are expected to stay on at London-based RDF, which will retain the
management and name at IWC Media, with Sue Oriel continuing as managing
director.

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Gray is also reported to be selling her shares, which could earn her about £1.5m.

Accounts
for the year before the two Glasgow independents merged show that Wark
Clements lost £1.1m on sales of £12m, while Ideal World made profits of
£280,000 on sales of £9.1m.

RDF recently headhunted Stuart Murphy, controller of BBC Three, who will join in January as creative director.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

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