STV has acquired a majority stake in unscripted producer Primal Media.

The company said the move would help realise its vision for STV Productions to build a world class production business, based in Scotland, that takes full advantage of growing local and global demand for high-quality content.

Primal Media, founded in 2016 by Mat Steiner and Adam Wood, has created programmes including RTS award-winning Release The Hounds (ITV2), Rose d'Or-winning Bigheads (ITV) and Carnage (Sky One).

The acquisition follows a strategic partnership announced by STV and Primal Media in February.

STV announced the move ahead of a planned Capital Markets Event for analysts and investors.

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Simon Pitts, STV chief executive, said: "It's a little over a year since we set out our new strategy to deliver production and digital growth and re-establish STV as a creative force in Scotland and beyond.

"With a new team fully in place we are building real momentum and delivering encouraging results.

"Programming successes like recent drama The Victim for BBC One demonstrate our growing creative strength, and the acquisition of Primal Media - whose founders have an unrivalled track record of devising hit entertainment formats - will further strengthen our creative pipeline as we seek to become one of the UK's leading producers.

"Our digital vision is for the STV Player to become Scotland's digital destination.

"With our Sky launch later this year we will be universally accessible across Scotland for the first time, offering a fantastic range of exclusive, live and on demand content from STV and a range of other broadcasters, on a free or subscription basis."

Transport giant Stagecoach has posted a 3.6% rise in full-year underlying profit despite losing three key rail franchises.

The group reported adjusted profits of £132.9 million for the year to April 27, against £128.3 million the previous year.

Stagecoach said it has no plans to bid for any more UK rail franchises after its operations end in November.

The group faces losing three rail franchises, including East Midlands and the West Coast Main Line, which it operates with Virgin.

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It has launched legal action against the Government over the Department for Transport's decision to ban it from bidding for rail franchises unless it took on hefty pensions liabilities.

Womenswear retailer Bonmarche has said it is now giving its backing to a £5.7 million bid by Edinburgh Woollen Mill Group billionaire Philip Day after further trading woes.

In a U-turn on a previous rejection, the group said it recommends shareholders accept the 11.4p-a-share offer tabled in April, which remains open for acceptance, after a "poor" first quarter has cast doubt over its full-year profit out-turn and led to concerns over the longer term financial position of the group.

Bonmarche warned that its auditor had said it may include a reference to the "uncertainty with regard to going concern" in full-year accounts due to the trading troubles and without any sign of improvement in revenues.

Bonmarche said: "Whilst the board's view remains that the offer does not adequately reflect the potential longer-term value of the business, the increase in uncertainty that has developed reflecting the trading and financial position of the business during the first quarter of the financial year makes the certainty represented by the offer potentially more attractive in the short term."