Sphere Media is set to acquire U.K. distributor Abacus Media Rights (AMR) from Toronto-headquartered Amcomri Entertainment for $24.6 million.

Sphere Media is partnering with shareholder Bell Media for the acquisition deal, which became binding today (June 26) and is expected to close in mid-August, according to a news release.

The deal will be subject to customary closing conditions and, once complete, will see the distributor become a Sphere Media company, operating as Sphere Abacus Media Rights.

The AMR sales and acquisitions teams will continue to be based in the U.K., reporting to managing director Jonathan Ford, who will join the Sphere Media executive team, reporting to CEO Bruno Dubé (pictured).

AMR will continue to work closely with its existing global client base “with a renewed focus on the growth of its operations,” said the release.

Dubé said in a statement that the company was looking for a strategic partner with a similar quality of slate. “We look forward to exploring all the collaborations and creative enterprise possible to push the very boundaries of what we can achieve together.”

Amcomri Entertainment CEO Robert Price added: “AMR’s collaboration with Sphere Media will bring more scale and power to Abacus’s existing growth plans, creating a dynamic new force on the international stage.”

Photo courtesy of Sphere Media