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Kew Media acquires Paul Heaney's TCB Rights

Kew Media acquires Paul Heaney's TCB Rights
News
Staff Reporter
10 October 2017

Distributor TCB Rights has been acquired by Kew Media Group.

Kew Media will pay initial £5.6 million in cash for the non-scripted distributor founded by Paul Heaney, as well as £700k in stock.

The Canadian investment firm has also agreed to pay deferred compensation based on TCB’s earnings for the financial year ending December 31, 2017 that will cap the purchase price at no more than seven times adjusted EBITDA.
 
TCB is expected to generate approximately £11.5m of revenue and £1.0m or higher of adjusted EBITDA for the 2017 financial year.

TCB may also receive an earn out of up to £4m, should TCB meet certain longer-term net revenue targets.

Kew Media in February acquired six entertainment production companies, including Content Media Corporation, in a deal worth $104m.

Kew Media plans to increase TCB’s investment in content.
 
“TCB is one of the world’s most prolific distributors of unscripted content,” said Kew Media’s CEO, Steven Silver. “The company Paul Heaney has built over the last five years adds decades’ worth of experience and expertise to our operation. TCB will continue to operate as it has been, since we intend to maintain the distributor’s boutique feel and producer-oriented focus, but now with increased resources for greater content development opportunities.”
 
TCB was founded in late 2012 by Paul Heaney. “We are delighted to be partnering with Kew Media,” said Heaney. “As we strategized on how best to elevate TCB, it was quickly apparent that a partnership with Kew Media was the perfect fit. With its established business platform, proven management team and access to capital markets, the foundation for strong growth is firmly in place.”
 


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