The agreement is worth 6.3 million dollars.
British producer and distributor DCD Rights announced an agreement with 108 Media for the sale of its entire content catalog.
The agreement, they detailed, was closed for 4.7 million pounds (6.3 million dollars) and must be approved by DCD shareholders on December 2.
The operation came after the decision of Timeweave, majority shareholder of DCD Media (parent company of DCD Rights), to withdraw from the company and not continue financing its operations.
Timeweave had acquired a majority stake in DCD Media 10 years ago when it found “synergies with other interests in the media industry” in which Timeweave had investments. These synergies, however, “no longer exist” so DCD “is no longer part of the strategic vision” of Timeweave.
Thus, DCD now finds in 108 Media a new partner that allows it to continue growing, as described to shareholders by David Craven, CEO of DCD Media.
“The board of directors is happy to announce that, after several negotiations, it has agreed on the terms to sell its assets and liabilities to 108 media,” he said.
“This is an extremely exciting opportunity for the company in the future and teams from both companies are already looking at ways to collaborate together and continue to drive a DCD Rights after a period of sustained growth,” he added.
According to the latest financial report for the fiscal year ending March 31, 2021, DCD Rights brought in 11.3 million pounds in the past year.
The DCD Rights catalog features renowned titles such as Bridezillas, The Secrets She Keeps, The Frankie Drake Mysteries, Jack Irish, Outback Car Hunters and Secrets Of The London Underground, recently joined by the drama Love Me.
DCD Rights also has the Spanish series Auga Seca and the Chilean series La cacería: las niñas de Alto Hospicio.
