Zinc Media has acquired Scottish indie Tern Television Productions for £5.45m.
The deal adds to Zinc Media’s stable of factual indies which include Blakeway, Brook Lapping, Films of Record and Reef Television.
Zinc is paying £2m, plus £1.1m for surplus cash and an earnout consideration of up to £2.35m, to be paid partly in shares and partly in cash.
In the financial year ended 31 March 2017, Tern’s turnover was approximately £5.3m with profit before tax of approximately £0.3m.
Zinc has issued new shares to raise approximately £3.5m to help fund the deal.
Zinc chairman Peter Bertram, Chairman, said: "We believe this acquisition will place us in a strong position to further expand and grow in an industry which is experiencing ever-increasing demand for original content, due to the rapid growth of connected devices and new TV platforms. “
Tern was launched in 1988, and its senior team includes managing director David Strachan, creative director Harry Bell, company director Gwyneth Hardy and director of features and popular factual Andrew Snowball. Its credits include Air Ambulance ER, Best Laid Plans and Britain’s Lost Masterpieces. It has key production bases in Scotland and Northern Ireland.
Staff Reporter
Share this story
