Kew Media Group, a Canadian special purpose acquisition corporation, has closed its buy of Frantic Films Corp, a branded content and live-action production company based in Winnipeg. The buy formed part of broader transaction in which Kew acquired six content companies to create a global media platform. Kew previously disclosed an upfront purchase price of about $104.1 million for all of the assets. Frantic Films has since 2007 been a portfolio company of PRIVEQ Capital Funds, a Canadian private equity firm. PRIVEQ at the time said it invested $5 million to help the company grow.
Kew Media Group Inc. Completes Qualifying Acquisition
March 20, 2017
TORONTO–(BUSINESS WIRE)–Kew Media Group Inc. (TSX: KEW):
Kew Media Group Inc. (TSX: KEW) (“Kew”) today announced the closing of its qualifying acquisition (the “Qualifying Acquisition”) of six leading content companies to create a global media platform.
On closing of the Qualifying Acquisition, Kew becomes one of the most significant independent content companies in the world, with ten production companies supporting an international distribution platform and primary offices in London, Los Angeles, New York and Toronto. The companies acquired by Kew develop, produce and distribute multi-platform, mass-audience, returnable content for the global market, across the following genres: factual, reality, lifestyle, drama, comedy, documentary, variety and branded content. Kew now owns over 6,000 hours of premium content sold in over 150 countries on almost every available viewing platform.
Following closing of the Qualifying Acquisition, Kew has approximately 11.5 million Class B Shares and 7.4 million share purchase warrants outstanding. The Class B Shares are expected to commence trading on the Toronto Stock Exchange (the “TSX”) on March 23, 2017, concurrent with the delisting of the Class A Restricted Voting Shares.
Goodmans LLP is Kew’s legal counsel. TD Securities Inc. acted as Kew’s financial advisor. Grant Thornton LLP, Industry Media Limited and Evra Media Solutions Inc. also assisted Kew with the Qualifying Acquisition. Stikeman Elliott LLP acted as TD’s legal counsel.
In connection with closing of the Qualifying Acquisition, the TSX granted Kew an exemption from the requirement to hold an annual meeting of shareholders in 2017. Accordingly, Kew’s first annual meeting of shareholders will be held on or before June 28, 2018.
For Further Information Please Contact:
Kew Media Group Inc.
Steven Silver, 416-530-2583
Chief Executive Officer
Photo courtesy of Reuters/Agencja Gazeta