The owner of UK-based DCD Media has struck a £4.7M ($6.3m) deal to sell the company’s assets to fellow sales outfit and producer 108 Media.
US- and Singapore-based 108 Media will buy DCD Rights via the UK company’s parent NBD and the deal also includes DCD Media’s Bridezillas prodco September Films, TBI understands.
The assets are being sold by Timeweave, which holds a majority share in NBD but said it no longer wants to fund The Secrets She Keeps distributor. NBD became the sole direct subsidiary of DCD’s rights business last month following a restructuring.
NBD was originally founded by Nicky Davies Williams in the 1980s and then acquired by DCD in 2006. It was subsequently rebranded as DCD Rights and has a catalogue of more than 3,500 hours of programming across drama, entertainment, factual and music.
Its slate ranges from dramas such as The Frankie Drake Mysteries and Jack Irish to unscripted series Outback Car Hunters and Secrets Of The London Underground, with annual revenue to 31 March 2021 standing at £11.3m.
Just last month, it added high-end drama Love Me to its slate and struck pre-sales deals for the second season of The Secrets She Keeps.
‘Scale play’ plans
The deal remains subject to shareholder approval and will be voted on at DCD’s annual general meeting on 2 December.
The DCD board has recommended the sale, telling investors that it understands 108 Media “has access to wider funding arrangements” to support the company and “deliver a scale play into the market using the existing DCD Media assets held within NBD as the platform for achieving this.”
In a note to investors, DCD said Timeweave was selling its majority stake because “broad synergies” with its others investments “no longer exist”.
It added that Timeweave “does not wish to provide further TV programme funding to DCD Media”, adding: “The board considers that there are inherent market risks in the current operating model of the company such that additional third-party funding is required to grow the business.”
David Craven, DCD Media’s executive chairman, said: “The board of directors is very pleased to announce, after a period of negotiation, it has agreed terms with 108 Media to sell the assets and liabilities of the Group.
“This is a hugely exciting opportunity for the business moving forwards, and the teams are looking forward to working collaboratively to further enhance the DCD Rights business following a period of sustained growth.”