Kew Media Group Buys TCB’s Media Rights
It has been announced that Kew has acquired Paul Heaney’s TCB Media Rights for a cash consideration of £5.6 million ($7.4 million).
As part of the deal, once it closes, TCB (one of the fastest growing UK-based distribution businesses in international TV) will take £700,000 in Class B Kew shares and, with the latter already having a distribution arm focused on non-scripted programming, TCB will continue to run separately.
TCB is forecasted to post revenues of £11.5 million (£1 million of which profit) in 2017 and Kew expects to invest in the business.
Steven Silver, Kew’s CEO, said: “TCB is one of the world’s most prolific distributors of unscripted content. The company Paul Heaney has built over the last five years adds decades’ worth of experience and expertise to our operation.
“TCB will continue to operate as it has been, since we intend to maintain the distributor’s boutique feel and producer-oriented focus, but now with increased resources for greater content development opportunities.”
“As we strategised on how best to elevate TCB, it was quickly apparent that a partnership with Kew Media was the perfect fit,” Heaney added. “With its established business platform, proven management team and access to capital markets, the foundation for strong growth is firmly in place.”
Industry Media managed all the due diligence for the transaction.