Prez in 'advanced' talks to purchase Thames unit
Richard S. Reisberg, Reeves' president since 1985, confirmed Thursday that he is in "advanced negotiations with Thames to acquire the company," though he declined to elaborate on terms, sources of financing or what the sale might entail.
If the deal goes through, Reeves -- which produces such series as ABC's daytime "Home" show and NBC's "Homicide: Life on the Street"-- would be the second midsize U.S. production and distribution company acquired in the late '80 s to be sold by its British parent, following the recent acquisition of MTM Enterprises by Intl. Family Entertainment from the U.K.'s TV South.
The value would depend on what portion of the production and distribution operation Reisberg acquired. Reeves' library includes such network programs as "Kate & Allie,""Gimme a Break" and "Doctor, Doctor."
In addition, with the backing of Thames, Reisberg and Reeves exec VP of network programming Rob Kenneally aggressively pursued overall deals with top television talent over the last two years, in competition with the major studios. Writer-producers Pam Norris ("Designing Women"), Gil Grant ("Covington Cross"), Kathryn Pratt & John Eisendrath ("WIOU") and Martin Rips & Joseph Staretski ("Doctor, Doctor") were among those signed.
Thames acquired Reeves Communications Corp. for an estimated $ 89 million in December 1989, about a year after TVS paid more than $ 330 million for MTM.
Both Thames and TVS were dealt serious blows in October 1991, however, when they lost the right to operate ITV broadcast networks -- a decision by the U.K.'s regulatory Independent TV Commission that became effective at the end of '92. Since then, the company has focused its attention on relaunching itself as an independent production and distribution company, where it remains a major player.
Thames suffered another setback last December when the ITC again rejected one of its bids, in this case to run Channel 5, the U.K.'s fifth terrestrial network. The company's broadcast holdings are now limited to a 15% stake in U.K. Gold, a satellite-delivered rerun channel in which its partners include U.S. companies Tele-Communications Inc. and Cox Enterprises.
At present, no other Reeves management is said to be involved in the buyout bid. New York-based chairman-CEO Merrill Grant, with whom Reisberg worked more than a decade ago at Viacom, signed a conditional five-year contract with the company when the Thames acquisition took place in 1989.
It also is understood that even if the buyout goes through, Thames and Reeves still might function as production partners on certain projects. Such an arrangement was used last fall to finance the ABC medieval drama "Covington Cross," which was filmed in the U.K.
Reisberg joined Reeves eight years ago after leaving MGM/UA TV, where he was president-chief operating officer. Reisberg started at United Artists TV in 1981 after heading Viacom Prods.
Reeves has several pilots in contention for next season, including the CBS sitcom "The Boys," with CBS Entertainment Prods.; "Trailer Park," another CBS comedy exec produced by Norris and starring David Keith; and "Philly Heat," an ABC drama from exec producer Tom Fontana.
