More than two months after reports surfaced that The RightsxChange (TRX) co-founders David Frank and Matthew Frank would exit the TV rights portal, the brothers have struck a deal to remain at the company in a non-executive advisory role.
The board of TRX parent company Dial Square 86 said the deal secures the future of the business for 2020 and beyond, removing the “uncertainty” that has surrounded TRX since the news of the brothers’ departure broke in October.
David (pictured left), executive chairman, and Matthew (right), CEO, will oversee the team at TRX as part of the deal. The company will continue to be based at Somerset House in London.
“I’m absolutely delighted that TRX will be continuing and that David and I will have an involvement in the business. Having spent five years of our lives building and investing in TRX we’re as keen as ever to help it grow to the next level,” Matthew said in a statement.
The former RDF Media founders and Zodiak Media chiefs founded TRX in 2014. The service offers buyers and sellers with an online platform to secure licensing deals globally.
TRX currently boasts more than 1,000 buyers and over 110 international distributors, including BBC Studios, Lionsgate, Studio Canal and Red Arrow, among others.