British pay TV broadcaster Sky has acquired distributor Parthenon Media Group as it launches its own distribution arm.
The News Corp-backed company is launching the distribution arm to take advantage of its increased spending on original content.
The deal to acquire Parthenon, which is run by CEO Carl Hall, closed yesterday and the company said that it had gross assets of £18.2 million. Hall will lead the company and will report to Sophie Turner Laing, managing director, entertainment, news and broadcast operations, Sky.
Turner Laing said: “As we continue to increase investment in UK production, this is a natural step in the evolution of Sky’s content business. We are producing world-class television – innovative, creatively ambitious and, in many cases, on an epic scale. It’s only right that we match this with world-class aspirations for how we take this content to as wide an international audience as possible.”
Hall added: “Over the past ten years, our success has been built upon our unique, boutique-style approach to all our content providers. This will also open new and exciting opportunities for international producers looking to benefit from the support of one of the UK’s largest investors in original content and a global leader in the provision of world-class television.”