The Canadian group consolidated this transaction, which will convert Abacus Media Rights into a Sphere Media company, which will operate under the name Sphere Abacus Media Rights.
Abacus Media Rights (AMR) will be acquired by Canada’s Sphere Media for a total consideration of $24.6 million following Amcomri Entertainment Inc.’s sale of the company. Sphere Media is partnering in this transaction with Bell Media, Canada’s leading media and entertainment company and current shareholder of Sphere Media.
The transaction became binding today and is expected to close in mid-August of this year, subject to customary conditions. Once closed, Abacus Media Rights will become a Sphere Media company operating under the name Sphere Abacus Media Rights.
AMR’s highly experienced sales and acquisitions teams will remain in the UK and continue reporting to Managing Director Jonathan Ford, who will join Sphere Media’s executive team reporting to Sphere Media CEO Bruno Dubé. AMR will continue to work closely with its existing worldwide client base, investing in and distributing productions with a renewed focus on growing its operations.
Robert Price of Amcomri Entertainment Inc. mentioned, “AMR’s carefully selected expansion of AMR’s diverse library of high-quality content has brought to life Amcomri’s passion for independent storytelling, and we wish Jonathan and his team the very best in this new venture. AMR’s collaboration with Sphere Media to Abacus’ current growth plans is creating a dynamic new force on the international stage.”
Jonathan Ford, CEO of AMR, commented: “I would like to thank Amcomri for their support as AMR has grown over the past few years. AMR has grown over the last few years. As we move into the next development phase, we are delighted to be joining Sphere Media Group, where, once the deal closes, we will operate as the international distribution arm alongside their leading production company. Our sales and acquisitions teams look forward to continuing our strong partnerships with independent production companies worldwide, investing in and establishing financing, and selling and pre-selling content in the global marketplace.”
Bruno Dubé, CEO of Sphere Media, said, “Sphere Media is a leader in our industry and is recognized for the quality of its productions both in Canada and internationally. Thanks to our creators and the expertise of the teams we have worked hard to assemble, we have achieved consistent success in recent years. For this reason, we were looking for a strategic partner to reflect and complement this quality regarding slate and reputation. Now that we are teaming up with Abacus Media Rights and its enviable range of partners, we look forward to exploring all possible collaborations and creative ventures to push the boundaries of what we can achieve together.”
