Germans show confidence in Coelen's young company
Terms of the deal were not revealed, but the pact is believed to be in eight figures. Deal calls for ProSiebenSat.1 to purchase 51% of Kinetic through ProSieben’s recently launched Red Arrow Entertainment Group, which also houses companies such as Producers at Work, Magic Flight Film, Redseven Entertainment, Sultan Sushi Belgium and Sultan Sushi Netherlands. Red Arrow also holds deals with producers such as Dick de Rijk (“Deal or No Deal”).
“We believe Chris is an exceptional production and creative executive,” Red Arrow Group managing director Jan Frouman said. “In a mere six months, he has assembled a stellar team, executed key development agreements and has positioned Kinetic for rapid growth.”
Deal will give Red Arrow more of a U.S. presence and will feed content to Red Arrow’s SevenOne Intl. distribution arm, which will sell Kinetic’s content throughout the world.For Kinetic, the arrangement will give Coelen more capital to rapidly expand the company. Coelen, the former chief exec of RDF USA, has so far used his own money to fund Kinetic’s launch.
Coelen said he sees the arrangement as “an extraordinary opportunity” to work with “one of Europe’s premier broadcasting groups,” as well as work with its execs, distribution company and other companies and producers such as de Rijk.
The 51% purchase by ProSiebenSat.1 gives Kinetic access to 30 networks in 16 countries, including Germany, Belgium, Denmark, Finland, Netherlands, Sweden and Norway.
ProSiebenSat.1 is Europe’s second largest broadcasting group after RTL (which already has a strong production presence in the U.S., as it owns FremantleMedia).
Kinetic already has exclusive programming deals with U.K. broadcasters Channel 4 and STV. And it also has struck production deals with Charlie Parsons’ new Nerd shingle, Dutch outfit Absolutely Independent (“Find My Family”), STV Prods. and Ginger Prods.