Canadian private equity firm Stern Partners has acquired OUTtv, a Vancouver-based gay, lesbian, bisexual and transgender (LGBTQ) television network. No financial terms were disclosed for the deal, which saw Stern and new CEO Brad Danks buy a majority stake in the company from 10-year owner and CEO James Shavick. Shavick will remain chairman of the board. Shamsh Kassam, CFO of Stern, said the investor will “help build OUTtv to the next level.” Founded in 2001, OUTtv’s programming features a mix of drama, comedy, talk and movies. It commissions and produces original programming.
New Ownership and Management at OUTtv
Vancouver, BC. – January 11, 2017 – OUTtv, Canada’s national LGBTQ television network, is pleased to announce new majority owner, Stern Partners and new CEO, Brad Danks. Following 10 years as majority owner and CEO, James Shavick will remain chairman of the board. This change heralds a bold new chapter in LGBTQ programming in Canada and around the world.
Shamsh Kassam, CFO of Stern Partners, said: “We are very excited about the opportunity to help build OUTtv to the next level. This is an excellent business opportunity, and we look forward to working with James, Brad and the rest of the OUTtv team.”
“James Shavick and Joy McPhail have been outstanding stewards of the network,” said OUTtv CEO Brad Danks. “We look forward to continued growth over the long term working with Stern Partners to expand across platforms around the world,” said Danks.
“I’m looking forward to working with Brad, Stern Partners and the team to continue to build the network. With this investment, OUTtv is well positioned for continued growth,” said incoming Board Chairman, James Shavick. Shavick will remain part of the team and a shareholder in the business.
“We anticipate a lot of exciting developments in the weeks to come.” concluded Danks.
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OUTtv is Canada’s national LGBTQ television network that offers a compelling mix of drama, comedy, talk and award-winning movies. Their original programming includes Sex & Violence with Olympia Dukakis, Don’t Quit Your Gay Job, and Fabulocity. OUTtv is the exclusive initial license holder for the Canadian broadcast of RuPaul’s Drag Race and Untucked.
Stern Partners was founded approximately 30 years ago by Ronald N. Stern and is based in Vancouver, BC. Stern Partners is a lead investor in a diverse range of 19 independently managed operating companies.
Photo of “Don’t Quit your Gay Job” courtesy of OUTtv