Mikael Borglund.
Beyond International has made a deal to acquire the UK-based factual distributor TCB Media Rights from the receivers of the failed Kew Media Group.
Founded in 2012 by Paul Heaney, TCB’s portfolio includes CJZ’s Go Back To Where You Came From, Media Stockade’s Debi Marshall Investigates: Frozen Lies and international docs Extreme Ice Machines, Hitler’s Supercars and Egypt’s Unexplained Mysteries.
Receivers FTI Consulting Canada have been looking for buyers of Kew Media’s assets since the Toronto-based media company collapsed in February.
Last month Essential Media Group (EMG) CEO Greg Quail and North American president Jesse Fawcett purchased the Essential companies from the receivers.
Beyond said the acquisition would be funded by existing cash and debt facilities and completed through its Ireland-based subsidiary Beyond Entertainment Limited.
The price was not disclosed but Beyond told investors the sum is less than 10 per cent of its assets as of December 31 2019. Heaney will remain with the group, IF understands.
Beyond CEO Mikael Borglund said he expects the acquisition to significantly increase the scale of the Beyond Distribution business.
He added: “Over the first 12 months, it is anticipated that the acquisition will be cash-flow positive and earnings-per-share accretive to BYI.”
Meanwhile the pandemic has forced Beyond to close its offices in London, Dublin, Los Angeles and Brisbane, with staff working from home. Essential staff are manning the Sydney office and the rest are working remotely.
The company is cutting staff and executive salaries by between 5 per cent and 20 per cent and Borglund has taken a 20 per cent reduction.
It said its extensive catalogue may generate higher than anticipated sales as broadcasters are looking to fill their schedules following the cancellation of sports, reality shows, scripted series and other content.