The move comes after the commercial arm of the British public broadcaster initially bought a 35% stake in 2014 before increasing this to 49% in 2016 with the option to buy 100%. Lookout Point, which will continue to be run by joint CEOs, Simon Vaughan and Faith Penhale, will remain an independent scripted studios within the larger organization.
Lookout Point is currently working on dramas including Press for the BBC and Masterpiece, written by Mike Bartlett and starring Charlotte Riley and Ben Chaplin; Andrew Davies adaptation of Victor Hugos 19th century classic Les Misérables, starring Dominic West, David Oyelowo and Lily Collins, Gentleman Jack, a BBC/HBO co-commission penned by Sally Wainwright and starring Suranne Jones, and Vikram Seths masterpiece A Suitable Boy, also adapted by Andrew Davies and directed by Mira Nair.
Tim Davie, CEO, BBC Studios, said, “Todays announcement marks an important next step in our longstanding and successful relationship with Lookout Point. We share the same ambitions and vision around the importance of collaborating to deliver some of the very best and boldest British dramas to audiences at home and across the globe.
“Increasing our investment in the company enables us to cement the partnership on a permanent basis and ensures Lookout Point can continue to realise its full potential as a leading British drama player, working independently with the very best talent on and off-screen in the industry.”
Simon Vaughan, Chairman and Joint CEO, Lookout Point said, “Our shared mindset over the past eight years has resulted in a fruitful relationship between Lookout Point and BBC Studios, delivering and distributing titles including War and Peace, Ripper Street and Parades End. BBC Studios respect for how we work and our creative ambition coupled with our understanding of how they can help us achieve further growth and success underpins our partnership.”
Faith Penhale, Joint CEO and Creative Director added, “Maintaining our independent spirit and ability to push the boundaries of our creative intent is paramount to us as a British drama company. BBC Studios backing, support and partnership creates a stable and long-term environment in which we can continue to build an ambitious range of titles, and provide a nurturing home for the incredible portfolio of talent who choose to work with us.”