Patrick Spence takes control of Chapter One in buyout
Patrick Spence has taken control of AC Chapter One, the British production organisation behind Best Interests and Boy Swallows Universe.
The deal is a management buyout, meaning the executive already running the business buys it from its owners. Spence bought out Anonymous Content, Casarotto Ramsay and United Agents, Deadline reported on 23 September 2026.
The name is changing too. AC Chapter One will become simply Chapter One.
Before the sale, Anonymous Content owned 50% of the business, while Casarotto Ramsay and United Agents each held 25%. All three remain involved as minority shareholders and strategic partners, meaning they keep smaller stakes and continue to work with the company.
Former Fifth Season co-chief executive Chris Rice is backing the new structure. He has taken an investment in Chapter One and will become non-executive chairman, a board role that oversees strategy rather than daily operations. His UK company Narrative Adventures now holds between 25% and 50% of Chapter One.
Chapter One started life in 2018 as a film and TV production house launched by Anonymous Content, Casarotto Ramsay and United Agents. It was first called Chapter One Pictures before adopting the AC name. Sophie Gardiner became managing director at its founding.
The leadership changed in 2023. Spence joined from ITV Studios. Gardiner moved to a first-look deal, meaning Chapter One gets first refusal on ideas she develops. Spence now runs the company with support from Jo Evans, director of production.
Viewers will know the work. Chapter One produced Best Interests for the BBC and Boy Swallows Universe for Netflix. Spence produced Mr Bates vs The Post Office, the ITV drama about subpostmasters caught up in the Post Office Horizon scandal.
Three new series are in production. The Siege is being made for Channel 4, Universal Global Television and Arte. Dragon Slayers is being made for the BBC and Universal Global Television and stars Matthew Rhys. Two Birds is being made for ITV and Stan, the Australian streaming service.
What makes this stand out is the mix of backers. A working producer takes the lead, a former studio chief chairs the board, and the founding companies stay connected. Crews keep their jobs, writers keep their contacts, and projects in production keep their home.
For audiences, this means continuity. The same team stays in charge of a slate that is already shooting. The company remains based in the UK, and Anonymous Content still describes the business as one of its established joint ventures.
