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Ten Alps has raised £4.5m in new funding and is converting most of its debt into equity, clearing the way for the company to buy Reef Television, the producer of shows such as Put Your Money Where Your Mouth Is on BBC One and Selling Houses with Amanda Lamb on More 4.
Ten Alps has also announced that Luke Johnson, chairman of Patisserie Valerie and former chairman of Channel 4, and media technology entrepreneur Jonathan Goodwin are both joining the board, to replace Geldof.
Ten Alps CEO Mark Wood said: "The proposed acquisition of Reef Television is an important first step in a strategy to achieve greater scale and momentum in our TV and digital content businesses.
"The new capital structure will enable us to invest in faster growth, with the guidance of our experienced board members. Together, as an enlarged group, we intend to bring in the commercial and creative talent needed to drive growth across television, communications and publishing both organically and via selective acquisitions."
Geldof said: "This is the best thing for Ten Alps in years. This restructuring puts us in a perfect position for a hugely exciting media future."