Patrick Spence has taken control of AC Chapter One after completing a management buyout from Anonymous Content and UK agencies Casarotto Ramsay and United Agents.
The production company will now be renamed Chapter One. Its former owners will remain involved as minority shareholders and strategic partners following the deal.
Chapter One has also received investment from Chris Rice, the former co-CEO of Fifth Season. Rice will join the company as non-executive chairman, adding a new leadership role to the business as it moves forward under Spence’s control.
Financial terms of the transactions were not disclosed. Rice, who left Fifth Season in January, has founded the UK company Narrative Adventures, which now holds a stake of between 25% and 50% in Chapter One.
A Major Ownership Shift
The buyout represents a significant change to Chapter One’s ownership structure. Anonymous Content previously held half of the company, while Casarotto Ramsay and United Agents each owned 25%.
All three have now shifted from controlling owners to minority shareholders and strategic partners. Spence runs Chapter One with support from director of production Jo Evans.
Rice brings experience from his tenure at Fifth Season, where he was influential in the success of Severance and The Night Manager. His appointment as non-executive chairman comes alongside his investment in the newly independent company.
Chapter One was established in 2018 by Anonymous Content, Casarotto Ramsay and United Agents. Sophie Gardiner, whose credits include Howards End, became its managing director at launch.
Spence joined the business from ITV Studios in 2023, when Gardiner moved into a first-look deal. His production credits include Mr Bates vs The Post Office.
The company’s completed work includes the public broadcaster’s series Best Interests and Netflix’s Boy Swallows Universe.
Three Shows Now in Production
The corporate overhaul arrives while Chapter One is in production on three projects spanning Channel 4, the UK public broadcaster, ITV, Arte and Stan.
One is Will Smith’s limited-series adaptation of Ben Macintyre’s bestselling The Siege. The project is being made for Channel 4, Universal Global Television and Arte.
Chapter One is also producing Dragon Slayers, a limited series from Pete Bowker for the UK public broadcaster and Universal Global Television. Emmy winner Matthew Rhys stars in the production.
The third show is Two Birds, a crime thriller from Helen FitzGerald. That project is in production for ITV and Stan.
What Happens Next?
With Spence now in control, the company will formally move ahead under the Chapter One name. Anonymous Content, Casarotto Ramsay and United Agents will continue their association with the business through their minority stakes and strategic partnerships.
Rice, meanwhile, will take up his non-executive chairman position as Chapter One advances its three current productions. The company has not disclosed further financial details of the buyout or investment.