Metrodome Group acquires Target Entertainment
Metrodome has confirmed its purchase of leading international rights management business Target Entertainment.
Under the terms of the deal, Metrodome will buy the shares of both Target’s rights’ businesses, including its distribution and consumer products teams and film and entertainment production labels, Pink Sands and Target US. The drama production arm, Greenlit, is not part of the deal. As well as the immediate purchase price and working capital, Metrodome has committed to invest a total spend of £3 million in the company.
The merger will allow both businesses the opportunity to offer rights’ owners and producers a one-stop shop platform for their rights. Target’s specialism in global rights’ management will compliment Metrodome’s position as one of the UK’s leading independent all-rights distributors. Together, the businesses have a combined annual revenue of over £20 million.
Mark Webster, chairman and CEO of Metrodome, commented: “We are delighted to announce the completion of our acquisition of Target Entertainment. Metrodome has significant financial backing, and we have been looking for a complimentary business to combine with our profitable film distribution operation over the past months. Target Entertainment is a perfect fit, which we predict will double our revenue and the size of the business within a short space of time. We are thrilled to be working with Alison Rayson, who has built Target Entertainment into one of the leading international rights management businesses.”
Alison Rayson, who will remain CEO of Target and will be sitting on Metrodome’s board, said: "Target’s refinancing process has been a tough and lengthy one. However, the superb outcome of achieving such strong financial backers for the business in Mark Webster and Metrodome makes it more than worthwhile for the company’s client base and staff. Target’s consolidation into the Metrodome group will provide the company with more firepower for rights acquisitions and with an enhanced back office service. The two companies together will create a market leading independent rights business with a much broader offering domestically and globally. I am thrilled to be working with Mark Webster and his team, and excited about the significant potential ahead."
Metrodome’s status as a public company, coupled with its strong backing
from its principle shareholders, will enable Webster to team up with
Rayson to enhance the two businesses’ libraries and assets, with a focus
on building ownership stakes in global brands across key genres.
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