British Sky Broadcasting Group Plc (LON:BSY), or BSkyB, said today it had finalised the takeover of international distribution and multi-media rights management firm Parthenon Media Group as part of a move to form a new content distribution arm.
BSkyB has closed the transaction yesterday, it said, without disclosing the financial terms. The UK pay TV company only noted that Parthenon had gross assets of GBP18.2m (USD28.6m/EUR23.3m) as at the end of June 2011.
The acquisition is part of BSkyB’s efforts to create a unit to market the international rights to its originated content, which in turn is in line with the company’s on-going commitment to boost investment in the field.
In 2012 alone, BSkyB has spent over GBP450m in British commissioning and production, the company said, adding it expects to raise the amount to GBP600m a year by 2014. The focus will be on genres like drama, comedy, entertainment, arts and factual.
Parthenon’s founder and chief executive officer Carl Hall will lead the new distribution division within BSkyB alongside his current team.
As of 30 June 2012, British Sky Broadcasting had total customers of about 10.6m. Its financial results for the 12 months to that date showed an operating profit of GBP1.22bn and a revenue of almost GBP6.8bn on an adjusted basis. The company has some 22,800 employees.