Paul Heaney and Dina Subhani, the founders of UK sales house TCB Media Rights, are stepping down just weeks after it exited the collapsed Kew Media Group and was acquired by Australian producer and distributor Beyond International.
CEO Heaney and executive director Subhani have quit with immediate effect. They founded TCB together in 2012 and grew the company to the point where it had £16M ($20M) in revenues.
According to court filings in Ontario, the Canadian base of bust TV empire Kew Media, Heaney and Subhani did not consent to the Beyond takeover and made their own offer to buy TCB out of receivership.
Heaney said: “We created an outstanding team at TCB, who in turn have built a solid creative and commercial community for both producers and buyers for which they should be very proud.
“We have an established culture and integrity that few would deny is exemplary in the unscripted distribution world. Both Dina and I wish each and every one of our colleagues the very best of success in the future, they truly deserve it. We would like to thank them for their endless hard work and support from TCB’s inception and especially through these recent uncertain times.”
Beyond CEO Mikael Borglund added: “Paul, Dina and the management team have created a company with a strong reputation and catalogue. We all wish Paul and Dina well and look forward to continuing to work with the TCB team to further build the company.”
Beyond’s takeover valued TCB at around $2.6M and it will continue to be run as a separate company for the “foreseeable future.” The distributor was one of a number of companies to be sold off after Kew Media collapsed in February.