Nikki Ray Media Agency, the new production outfit founded by Architect Films’ Mike Sheerin and Tanya Linton, has entered into an agreement with Kew Media Group’s receiver to buy back Architect Films’ shares, Playback Daily has learned.
The transaction, which is expected to close within the next few days, will see production on competition titles such as season two of Fire Masters and Best Cake Wins continue under the Nikki Ray banner, Sheerin has confirmed. Financial details were not disclosed.
Last month, Architect said its staff would make a “seamless transition” to the new company amid the financial woes of parent company Kew Media Group.
In late February, Kew was placed in receivership and all of its directors resigned, including founder and chairman Peter Sussman and founder and CEO Steven Silver. FTI Consulting Canada, which has been appointed as receiver of all of Kew’s assets, undertaking and properties, is tasked with managing its affairs and selling its assets to pay its creditors.
Earlier that same day, the company had said its senior lender Truist Bank had demanded repayment of all amounts owing under its senior credit facility and that Frantic Films CEO Jamie Brown had entered into an agreement to repurchase a 100% stake in his Winnipeg-headquartered prodco.
Alongside BGM (formerly Bristow Global Media) and Frantic Films, Architect Films is the latest Canadian production company to strike a deal. The trio were previously acquired by Kew Media Group alongside Media Headquarters Film and Television, Our House Media and Kew Media Distribution, formerly known as Content Media Corporation (CMC), in 2017.
Kew Media Group’s U.K.-based subsidiaries (Kew Media International Limited, Kew Media Group UK Limited and Kew Media Group UK Holdings Limited) have been placed into administration in England and Wales. The company’s various production and distribution entities, which also include businesses such as prodco Sienna Films, are not subject to insolvency proceedings and continue to operate.
From Playback Daily. Written by Lauren Malyk.