Kew Media shareholders approve transactions
The company is expected to complete its acquisitions of five Canadian prodcos, including Bristow Global Media, Frantic Films and Our House Media next week.
Kew Media’s shareholders on Monday voted in favour of its proposal to acquire five domestic production companies, including Bristow Global Media and Our House Media.
The transactions, which will officially close on March 20, were approved by more than 98% of the company’s shareholders, according to Kew. It said it has $67.2 million in available capital to conclude the transactions.
In early February, Kew Media announced its intention to acquire Bristow Global Media (BGM), Architect Films, Frantic Films, Media Headquarters Film and TV and Our House Media, as well as London- and L.A.-based film and TV distribution company Content Media Corporation (CMC). The aggregate upfront purchase price for the acquisition is pegged at approximately $104.1 million.
According to Kew, the companies being acquired own a combined total of 6,000 hours of library content in genres including factual, reality, lifestyle, drama, comedy, documentary, variety, digital and branded content.
During an investor conference call, company CEO Steven Silver and executive chairman Peter Sussman said that an additional 16 companies are under non-disclosure agreements and that Kew will pursue further acquisitions in the future.
Last summer Kew Media became the sixth special purpose acquisition company (SPAC) to be listed on the Toronto Stock Exchange, with the company raising approximately $70 million in its initial public offering (IPO).
In terms of strategy, Silver and Sussman previously said that Kew will leverage CMC’s distribution infrastructure to deliver projects produced by Architect Films, Frantic Films, Media Headquarters, Our House Media and BGM to international audiences. Kew says the companies have a combined total of about 250 in-development projects, which Kew said will be developed, produced and released over the next 12 to 24 months.