Sony Pictures Television has reached an agreement to acquire CSC Media Group, who operate some 16 television channels – including True Entertainment and Pop – in the UK.
SPT struck the deal, which is subject to regulatory approval, with private equity firm Veronis Suhler Stevenson, who are the majority shareholders in CSC Media Group. Said deal will see Sony Pictures Television acquire 100% of the company and once it is completed CSC Media will report to Kate Marsh, Sony Pictures Television Networks’ Senior Vice-President for Western Europe.
“CSC has grown from a small bouquet channel operator to become one of the leading multi-channel ad-supported TV networks in the UK”, said Remy Minute, CEO of CSC Media Group. “This combination with SPT allows us to accelerate our growth trajectory, both internationally and domestically. I very much look forward to working with the team at SPT.”
The acquisition of CSC will see Sony Pictures Television add 16 channels to the existing UK portfolio, which already includes Sony Entertainment Television, Sony Movie Channel and Movies4Men. The move will also see the UK offerings expand from Entertainment and Movies into both Music and Kids programming, with new brands True Entertainment, Pop and Chart Show TV. It also increases SPT’s reach on Freeview from two channels to four.
“The acquisition of CSC further demonstrates our commitment to the UK market and our intent to continue to grow our tremendously successful global portfolio of networks,” said Andy Kaplan, president of worldwide networks for Sony Pictures Television. “These new channels perfectly complement our current offerings, allowing us to provide viewers with a variety of entertainment choices and advertisers with greater reach and cross-channel opportunities.”
Once SPT secures regulatory approval for the deal, they will have grown to become the fifth largest multi-channel operator in the UK market in commercial ad views. Sky Media, who sell ad inventory on SPT’s current UK portfolio, will also take responsibility for the CSC channels. Berenson & Company acted as financial advisor to Sony Pictures Television on this transaction; while Lepe Partners acted as financial advisor to CSC Media.