Australia’s Beyond International is to accumulate U.Ok. distributor TCB Media Rights, beforehand owned by Kew Media Group, which turned bancrupt final month.
Beyond is shopping for TCB from FTI Consulting Canada Inc., the official receiver for Kew Media Group.
The acquisition will probably be accomplished via Beyond’s Ireland-based subsidiary, Beyond Entertainment Limited (BEL).
In an announcement to the Australian Stock Exchange, Beyond stated it can purchase 100% of the share capital of TCB for money and also will advance funding to TCB to repay an intercompany debt owing to Kew.
Financial particulars of the transaction weren’t revealed. However, Beyond stated the deal, which will probably be paid for with money and debt services, is price lower than 10% of BYI’s present belongings as at Dec. 31, 2019.
Founded in 2012 by Paul Heaney, non-scripted factual specialist TCB’s tv gross sales portfolio consists of “Abandoned Engineering,” “Combat Ships,” “Egypt’s Unexplained Mysteries,” and the just lately introduced “Extreme Ice Machines” and “Hitler’s Supercars.”
Mikael Borglund, CEO of BYI, stated that the acquisition of TCB is strategic and is anticipated to considerably enhance the size of the Beyond distribution enterprise.
Over the primary 12 months, Beyond stated it’s anticipated that the acquisition will probably be cash-flow constructive and earnings per share accretive to BYI.
Beyond instructed the Australian Stock Exchange that the acquisition is topic to customary situations, together with the approval of the transaction by the Ontario Superior Court of Justice.
Quite a lot of firms beforehand beneath the Kew umbrella have discovered new properties. “Dance Moms” producer Collins Avenue Entertainment was picked up by The Content Group, a part of Steve Michael’s Asylum Entertainment Group.
Other offers have seen Glasgow-based producer Two Rivers Media purchase out KMG’s stake and Quebec-based producer and distributor Datsit Sphere buying factual and children manufacturing firm BGM.
TCB declined to remark.