TCB Media Rights has secured its exit from the collapsed Canadian TV empire Kew Media Group. The profitable British distribution company has been acquired by Australian producer and distributor Beyond International.
Beyond announced the deal in a statement to investors issued on the Australian Stock Exchange. It will take full control of TCB through its Irish subsidiary Beyond Entertainment, subject to approval by the Ontario Superior Court of Justice.
Beyond said the deal was worth less than 10% of its “current assets,” which according to its annual report stood at AUD $43.2M ($26M) in the 12 months to June 2019. That would value TCB at under $2.6M. The acquisition also includes a cash advance to TCB to allow it to repay an intercompany debt owing to Kew Media Group.
TCB was founded in 2012 by Paul Heaney. It focuses on factual distribution and works directly with producers to invest in content, with recent TCB originals including Extreme Ice Machines and Hitler’s Supercars. TCB’s most recent earnings, filed in late February for the 2018 calendar year, showed its revenue stood at £16M ($19.8M) with a £3.2M pre-tax profit.
Heaney sold the business to Kew Media Group for £6.3M ($7.8M) in cash and shares in 2017, but the Canadian company collapsed in February after months of financial mismanagement. The sale of TCB to Beyond International was overseen by Kew Media Group’s administrator FTI Consulting.