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Billboard Owner Buys Stake in James Corden's 'Late Late Show' Banner Fulwell 73

Terence Patrick/CBS
Ariana Grande and James Corden during the filming of "Carpool Karaoke" on The Late Late Show with James Corden. 

Billboard and The Hollywood Reporter owner Valence Media has taken a minority stake of $60 million in Fulwell 73, the rising U.K. indie behind shows such as The Late Late Show and Carpool Karaoke

Under the terms of the deal, Fulwell 73 -- which is based in London and L.A. -- will continue to operate as an independent entity under its existing management structure, led by partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and James Corden.

"We have been on the most amazing journey for the last 10 years and the time is absolutely right for us to take this next significant step," said Pearlman. "As a company we have never stood still and in Valence we now have a partner that can support the ambitions we have for growth, match our entrepreneurial spirit and share our demand for the highest creative standards, whilst allowing us to retain the independence that has been so integral to our success."

Alongside its TV output, which includes The Late Late Show (a co-production with CBS), Fulwell 73 produces a growing crop of music and sports documentaries, including Class of 92I Am Bolt and One Direction 3D: This Is Us.

Valence owns House of Cards and Ozark producer MRC, Dick Clark Productions, The Billboard-Hollywood Reporter Media Group, and has a minority interest in A24.

This article was originally published by The Hollywood Reporter.