Paris-headquartered Asacha Media Group has acquired a majority stake in U.K. production and distribution outfit WAG Entertainment.
The WAG portfolio includes “What on Earth?” and “Strange Evidence” for Science Channel, “Weird Earth” for The Weather Channel, “Combat Dealers” for Quest and “War Factories” for UKTV.
Following a transition period, WAG founder and CEO Martin Durkin stepped down at the end of 2021, handing over leadership to current COO Steven Green, who will become managing director.
Green will focus on further growing WAG Entertainment’s cross-platform slate in the U.K. and U.S., while expanding the business into AMG’s core European markets with factual entertainment, reality and documentary programming for TV networks and streaming platforms.
Asacha’s business focuses on the growth in demand for scripted and factual content from streaming platforms and TV networks across Europe and beyond. It launched in 2020 having acquired majority stakes in Italian production houses Picomedia and Stand By Me and French production company Mintee Studio. The group is co-founded by media entrepreneurs Gaspard de Chavagnac and Marina Williams, who lead the group as co-CEOs, and Marc-Antoine d’Halluin, who is vice chairman of the supervisory board.
In a joint statement, Martin Durkin and Steven Green said: “Our partnership and shared ambition will create significant opportunities for our business to expand into new markets, while further diversifying our output across genres and platforms.”
Gaspard de Chavagnac and Marina Williams said: “Our partnership with WAG Entertainment adds a key new dimension to Asacha’s business, which perfectly complements our existing operations in Italy and France. In addition to expanding our presence into the U.K. and U.S., this will enable us to offer an exciting new line-up of multi-genre content to our platform partners across Europe.”
The transaction was brokered by media advisory firm GothamStreet, with deal support provided by NOR Capital.