NENT Group is selling its content development, production and distribution business NENT Studios UK to a new owner as the Sweden-headquartered media company looks to focus on its Viaplay streaming service.
The London-based studio was created in October 2019 as part of the group’s NENT Studios division. In April of this year, NENT Group producer-distributor DRG was incorporated into the studio and rebranded under the banner, with Richard Halliwell (pictured) named CEO of the operation.
Halliwell is involved in the sale process, which the company stated has “expressions of interest” from more than 20 UK and international businesses.
Following the sale, NENT Group will retain the NENT Studios UK name. ACF Investment Bank are acting as advisors to NENT Group in the sale.
In addition to divesting NENT Studios UK, NENT Group is selling off a number of other production businesses to focus on its strategy for Viaplay.
That strategy includes rolling out the service in Poland and the U.S. next year, as well as growing subscriber numbers in the Nordic region and internationally.
NENT Group’s remaining studios operations will focus on delivering content for Viaplay.
Halliwell said in a statement: “Our focus now is on finding a new owner or investment partner to support our high ambitions and exciting plans for growth. We have a bright future as we move into 2021 and will use this period of change as a fresh opportunity to reinforce our position as a robust, innovative and vital player in the international content landscape.”
The studio produces content across such genres as drama, factual, documentary, reality, game shows and lifestyle.