Canada’s Sphere Media has acquired Abacus Media Rights, the UK-based distributor that sells Leaving Neverland and Scrublands.
Sphere is partnering with broadcaster Bell Media on the cope with present proprietor Amcomri Leisure. Bell owns a stake in Kind Of producer Sphere following an funding final yr.
The Abacus deal will prices a complete of C$24.6M ($18.6M), comprising C$18.3M in money and the remaining within the assumption of loans. The deal, which turned binding as we speak, is topic to approval and anticipated to shut in mid-August.
As soon as it closes, Abacus function beneath the title Sphere Abacus Media Rights. Abacus’ gross sales and acquisitions crew will stay based mostly within the UK and proceed to report back to founder and Managing Director Jonathan Ford, who will in flip be a part of the Sphere Media government crew and report back to Sphere Media CEO Bruno Dubé.
Dubé stated that after constructing out Sphere’s manufacturing enterprise in Canada and internationally, it had been “searching for a strategic associate that mirrors and enhances this high quality each by way of slate and popularity.
“Now to be teaming up with Abacus Media Rights and its enviable vary of companions, we sit up for exploring all of the collaborations and inventive enterprise doable to push the very boundaries of what we are able to obtain collectively.”
Abacus launched in March 2020 with backing from Amcomri quickly after Kew Media Group had collapsed beneath the load of money owed that adopted a number of firm acquisitions. Kew Media Distribution, the gross sales unit Ford led, was worthwhile and located its money getting used to service different prices elsewhere within the group.
Ford and his crew introduced a number of Kew companions over to Abacus, with the likes of Leaving Neverland director Dan Reed and Nick Broomfield. The corporate has since grown into a significant UK distributor, doing multi-millions of {dollars} of turnover annually since launch, putting offers with the likes of Prime Video, BritBox and Netflix.
“I’d wish to thank Amcomri for his or her assist as AMR has grown over latest years,” stated Ford. “As we transfer to the following stage in our improvement, we’re delighted to be becoming a member of the Sphere Media Group, the place, as soon as the deal is closed, we’ll function because the worldwide distribution arm alongside their standout manufacturing enterprise.
“Our gross sales and acquisitions groups are wanting ahead to persevering with our sturdy partnerships with worldwide unbiased manufacturing firms, investing in and establishing financing, in addition to promoting and pre-selling content material into the worldwide market.”
Amcomri Entertaiment CEO Robert Value stated that the sale would “convey extra scale and energy to Abacus’s current development plans, making a dynamic new power on the worldwide stage.”
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