Abacus Media Rights (AMR), is set to be acquired by Canada’s Sphere Media for a total aggregate consideration of $24.6m following the company’s sale by Amcomri Entertainment Inc. Sphere Media is partnering in this transaction with Bell Media, Canada’s leading media and entertainment company and current shareholder of Sphere Media. The deal 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 of Sphere Abacus Media Rights.
AMR’s sales and acquisitions teams will remain based in the UK and continue to report to Managing Director Jonathan Ford, who will join the Sphere Media executive team reporting to Sphere Media CEO Bruno Dubé. AMR will continue to work closely with its existing client base around the world, investing in and distributing productions with a renewed focus on the growth of its operations.
Robert Price, Amcomri Entertainment Inc, said: “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. 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.”
Jonathan Ford, Managing Director at AMR, commented: “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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