Yahoo Finance Canada’s Sphere Media Set to Snap Up Abacus Media Rights For $18 Million
Canada’s Sphere Media is set to acquire distributor Abacus Media Rights from Amcomri Entertainment Inc.
The deal, which is valued at CAN $24.6 million ($17.9 million), is expected to close in mid-August.
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Sphere Media have partnered with media and entertainment company Bell Media on the acquisition. Bell is the current shareholder in Sphere.
Once the acquisition is complete, Abacus Media Rights will be renamed Sphere Abacus Media Rights. Its sales and acquisitions team will remain in the U.K., reporting to managing director Jonathan Ford. Ford will join Sphere’s executive team, reporting to CEO Bruno Dubé.
Abacus Media Rights acquire and distribute a diverse slate of shows, ranging from documentaries such as “The Steal” about Donald Trump and “Mozart’s Sister,” about the composer’s little known older sibling, to scripted dramas such as “The Boy Who Never Was.”
“The carefully curated expansion of AMR’s diverse,high quality content library has delivered on Amcomri’s passion for independent storytelling and we wish Jonathan and his team well ahead of this new venture,” said Amcomri Entertainment Inc’s Robert Price. “AMR’s collaboration with Sphere Media will bring more scale and power to Abacus’s existing growth plans, creating a dynamic new force on the international stage.”
Ford said: “I’d like to thank Amcomri for their support as AMR has grown over recent years. As we move to the next stage in our development, we are delighted to be joining the Sphere Media Group, where, once the deal is closed, we will operate as the international distribution arm alongside their standout production business. Our sales and acquisitions teams are looking forward to continuing our strong partnerships with worldwide independent production companies, investing in and setting up financing, as well as selling and pre- selling content into the global market.”
Bruno Dubé, CEO of Sphere Media, added: “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 experience of the teams we have worked hard to put together, we have been able to achieve consistent successes in recent years. For this reason, we were looking for a strategic partner that mirrors and complements this quality both in terms of slate and reputation. Now to be teaming up with Abacus Media Rights and its enviable range of partners, we look forward to exploring all the collaborations and creative enterprise possible to push the very boundaries of what we can achieve together.”
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