Australian producer Beyond International struck a deal Wednesday (April 1) to purchase London-headquartered TV distributor TCB Media Rights, formerly under the now-collapsed Kew Media Group.
Mikael Borglund, CEO of Beyond, said that the acquisition of TCB is “strategic” and is expected to “significantly increase the scale of the Beyond Distribution business.”
Over the first 12 months it is anticipated that the acquisition will be cash flow positive and earnings per share accretive to BYI, according to Borglund.
The deal between Beyond International and Kew Media receiver FTI Consulting Canada will be completed through Ireland subsidiary Beyond Entertainment Limited (BEL).
If the transaction is approved by the Ontario Superior Court of Justice, BEL will acquire 100% of the share capital of TCB for cash consideration and will also “advance to TCB sufficient funds to repay an intercompany debt owing to Kew.”
BEL will utilize existing group cash and debt facilities to fund the purchase.
TCB, founded in 2012, is a specialist of non-scripted factual programming and sells content to regions such as the UK, North America, Australia and New Zealand. Its portfolio includes Abandoned Engineering, Combat Ships, Egypt’s Unexplained Mysteries, and the recently announced Extreme Ice Machines and Hitler’s Supercars.
The company is the latest to move out from under the Kew Media umbrella, joining the recent acquisitions of Media Headquarters, BGM and Architect Films.
Kew Media was placed in receivership on Feb. 28.