Australia’s Beyond International is to acquire U.K. distributor TCB Media Rights, previously owned by Kew Media Group, which became insolvent last month.
Beyond is buying TCB from FTI Consulting Canada Inc., the official receiver for Kew Media Group.
The acquisition will be completed through Beyond’s Ireland-based subsidiary, Beyond Entertainment Limited (BEL).
In a statement to the Australian Stock Exchange, Beyond said it will acquire 100% of the share capital of TCB for cash and will also advance funding to TCB to repay an intercompany debt owing to Kew.
Financial details of the transaction were not revealed. However, Beyond said the deal, which will be paid for with cash and debt facilities, is worth less than 10% of BYI’s current assets as at Dec. 31, 2019.
Founded in 2012 by Paul Heaney, non-scripted factual specialist TCB’s television sales portfolio includes “Abandoned Engineering,” “Combat Ships,” “Egypt’s Unexplained Mysteries,” and the recently announced “Extreme Ice Machines” and “Hitler’s Supercars.”
Mikael Borglund, CEO of BYI, said that the acquisition of TCB is strategic and is expected to significantly increase the scale of the Beyond distribution business.
Over the first 12 months, Beyond said it is anticipated that the acquisition will be cash-flow positive and earnings per share accretive to BYI.
Beyond told the Australian Stock Exchange that the acquisition is subject to customary conditions, including the approval of the transaction by the Ontario Superior Court of Justice.
A number of companies previously under the Kew umbrella have found new homes. “Dance Moms” producer Collins Avenue Entertainment was picked up by The Content Group, part of Steve Michael’s Asylum Entertainment Group.
Other deals have seen Glasgow-based producer Two Rivers Media buy out KMG’s stake and Quebec-based producer and distributor Datsit Sphere acquiring factual and kids production company BGM.
TCB declined to comment.