Newsnight presenter Kirsty Wark has pocketed more than pounds 1m after the maker of reality TV shows Wife Swap and Faking It bought her production company.

RDF Media agreed to pay an initial fee of pounds 8.4m for IWC Media in a deal which could increase to pounds 14m depending on performance.

Wark and husband Alan Clements each own 15% of IWC ( best known for Channel 4's hit property show Location, Location, Location ( and the couple were set for a combined windfall of around pounds 2.5m wholesale sexy lingerie yesterday.

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Wark, a non-executive director of IWC, will end her interest in the company, although her husband will stay on as creative director.

IWC was formed in April last year with the merger of Scotland's two largest production companies Ideal World Productions and Wark Clements.

Wark and her husband set up Wark Clements in 1990, while TV presenter Muriel Gray set up Ideal World in 1987. She owned a similar slice of IWC to Wark and was also in line to earn around pounds 1.2m from the deal, along with fellow non-executive director John Boyle.

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Last year, Glasgow-based IWC made around pounds 20m-worth of programmes, making it the second largest regional independent producer in the UK.

IWC shows included Channel 4 comedy series Meet the Magoons and BBC documentary No Sex Please... We're Teenagers.

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