Canada’s Kew Media Group has agreed to acquire Essential Quail Media Group for an initial purchase price of US$24.64 (£18) million.
The initial purchase price will be funded through cash on hand and Kew’s credit facilities, according to the company.
Essential Quail is Essential Media and Entertainment’s Australian-US non-scripted venture. Kew has stated that the move will enhance its international footprint and lead to further group synergies.
The move arrives after Kew’s purchase of Jeff Norton’s Awesome Media & Entertainment last October.
Peter Sussman (pictured), Kew founder and executive chairman said: “I first got to know EQ Media CEO Chris Hilton more than 10 years ago and have always been very impressed with what the EQ Media team have been able to accomplish.
“This acquisition bolsters Kew’s presence in the U.S. and provides Kew with a diversified revenue platform in Australia.”
Steven Silver, Kew founder & CEO, added: “EQ Media is an exciting addition to the Kew group and the transaction purchase price is an attractive valuation for such a prominent content producer.
“We expect the acquisition to be immediately accretive to earnings and to free cash flow. In addition, we expect to generate meaningful synergies from the sale of additional EQ Media content through Kew’s global distribution platform.”