The film production company behind Shaun Of The Dead, Hot Fuzz and The World's End has been snapped up by ITV for £12.5 million.

Actors Simon Pegg and Nick Frost are among shareholders who will gain from the sale of Big Talk as ITV continues its strategy of buying up independent film and television makers.

The company, which is also responsible for Channel 4 comedy series Friday Night Dinner as well as the BBC's Rev and Him & Her, had been 25% owned by the BBC's Worldwide arm before yesterday's move.

It was founded in 1995 by Nira Park, producer of Channel 4's Spaced, the critically acclaimed series starring Pegg and Frost and directed by Edgar Wright.

The trio, who went on to collaborate on Big Talk's most well-known films, are among a group of investors sharing a 10% stake in the company, who will gain just in excess of £150,000 each.

Park, chief executive Kenton Allen and managing director Matthew Justice stand to net the most, jointly owning a 65% portion valued at £8.1m.

The initial payment of about £12.5m is dependent on Big Talk's 2012/13 financial performance, with additional payments linked to profits over the next five years.

ITV said it was one of the UK's fastest-growing film and television production companies and responsible for some of the most successful comedy and cutting-edge drama of recent years.

Under the new agreement, ITV Studios Global Entertainment will distribute all of Big Talk's new television content and help the company grow internationally, especially in the US market. BBC Worldwide will retain the global distribution rights to Big Talk's back catalogue and future UK series based on those programmes.

ITV chief executive Adam Crozier said: "The acquisition represents another milestone as we continue to grow our production base and invest in creative talent."