Television drama the focus of new Pinewood venture

Pinewood Group was expanding its reach in the television sector on Tuesday, establishing a new venture with a specific focus on TV drama.

The AIM-traded provider of services to the global film and television industries announced the joint venture with StoryFIRST PST, describing its principal business as "creating, developing and financing high quality drama series for television for the international market."

It said Pinewood Television was expected to be both an originating producer and co-producing partner for major drama projects looking for deficit funding. The new venture was in the process of arranging long-term external financing from a group of investors and banks to invest directly into its slate.

"Pinewood Television will be looking to fill an important gap in the market, acting as a one stop shop through strong partnerships with producers, providing both development and deficit financing to them with enhanced upside economics", Pinewood's board said in a statement.

The firm appointed Helen Gregory as creative director of the new venture. Gregory is an award-winning producer of drama and comedy for BBC, ITV, Channel 4, Channel 5 and Sky.