Fight Net lands new investment
EmptyTORONTO -- Canadian martial arts cable channel the Fight Network on Wednesday said it has received a cash infusion from domestic investors that will fund its international expansion.
The Toronto-based Fight Network also said that it has completed the purchase of Britain's the Wrestling Channel, which was rebranded in January as the Fight Network U.K.
TFN Global Inc., parent company of the Fight Network, said it finalized the private placement by a group of Canadian investors, led by former Alliance Atlantis Communications chief financial officer W. Judson Martin, media and sports property owner Gary Slaight, domestic pollster Martin Goldfarb and Robert Foster, CEO of Capital Canada.
George Burger, president and CEO of TFN Global, said his company raised the new funds to "plant our flag in the U.K." and to meet working capital requirements.
The Fight Network paid an unspecified price for the Wrestling Channel, which reaches 9 million British homes via BSkyB. The Canadian cable channel will look to make additional acquisitions or joint ventures in the European and Asia-Pacific markets.
Capital Canada arranged the private placement and will act as Fight Network's investment banker. The controlling shareholders are Loudon Owen, chairman of McLean Watson Capital, and media consultant Ed Nordholm, who jointly acquired control of the cable channel in September 2007 through their investment vehicle, Mayhem Media Corp.
The Fight Network was originally launched in 2005, and currently delivers combat sports programming to the digital TV, pay-per-view, VOD, radio, mobile and online platforms.
The Canadian channel's mix of boxing, wrestling and kickboxing programming also is seen in North Africa and the Middle East through Fox Sports International.