ITV Studios has purchased Graham Norton's So Television production company in a deal worth around €20 million.

Set up by Norton and Graham Stuart 12 years ago, So Television produces comedy and entertainment shows such as The Graham Norton Show and The Sarah Millican Television Programme.

ITV's production arm ITV Studios has agreed to make an upfront cash payment of £10 million to buy the company, with a further cash payment based on its profit performance up to July 31, 2016. The maximum value of the deal is £17m.

"So TV has been our baby for 12 years, so I'm thrilled that the ITV family has decided to take it under their wing and help it blossom," said Norton.

So Television was buoyed earlier in the year by the BBC's decision to re-commission The Graham Norton Show through to 2014. The series has also been distributed internationally in 100 countries.

Following its successful debut on BBC Two this spring, The Sarah Millican Television Programme has been re-commissioned for a second run, beginning with a Christmas special.