MIPCOM 2012: U.K. Based TV Sales And Finance Banner DCD Rights Secures 'Substantial' Fund for Acquisitions
LONDON – International distributor DCD Rights has inked a deal with its largest single stakeholder Timeweave, listed here on the stock exchange, to set up a fresh investment fund to fuel the acquisition of third party TV distribution rights and go on the hunt for a "significant library of content."
The fighting fund, the size of which is being kept under wraps but is billed as "substantial" by the company, will be used to snap up programming for DCD Rights to tout at the international TV market MIPCOM.
The first projects corralled by the fund via the investment fund pool include factual rescue series Coast Guard Florida and a second season of Coast Guard Alaska from U.S. company Al Roker Productions
DCD Rights CEO Nicky Davies Williams said: "This fund will be enormously beneficial to increasing our presence in the marketplace as a major distributor and will allow us to expand our footprint in a more aggressive way than previously.
Davies Williams and DCD Rights head of acquisitions Pilar Perez will lead the acquisition strategy and will be looking for "quality rather than quantity" for its slate.
"We are delighted to have reached agreement to enable the DCD Rights business to acquire a significant library of content and look forward to developing the business under the excellent stewardship of Nicky and her team," added Timeweave CEO David Craven.
Davies Williams noted that under his company's previous funding arrangements DCD Rights has acquired over 350 hours of programming.
"The intention is to significantly increase our investment under the new agreement," Davies Williams added.
DCD Rights' investment capacity has been used in previous years in partnering with producers on shows such as the recent series The Slap produced by Matchbox Pictures.
U.K. listed Timeweave plc has an investment program to acquire and invest in growth opportunities in specifically targeted sectors, including media.