Shine buys into Scandinavian biz
EmptyElisabeth Murdoch's Shine Group continued its global land grab Tuesday, announcing an $88 million acquisition of Nordic production company Metronome Film & Television.
With 15 companies in Sweden, Denmark, Norway, Finland and the U.S., Metronome Film & Television AB — purchased from Schibsted ASA — is one of Scandinavia's biggest production groups, making local versions of such formats as "Deal or No Deal" and "Big Brother" as well as local shows including "Luxury Trap."
"This is a landmark deal for Shine Group," Murdoch said. "The Metronome companies are peerless in their home territories."
The acquisition extends Shine's footprint to 23 companies across three continents and comes after recent expansion in Germany and Australia. It also confirms Shine, which owns the Reveille Group, as one of a growing group of producers with local networks in multiple territories, a strategy that has well served such operators as Fremantle and Endemol.
Metronome's senior management team, headed by CEO and president Mats Alders and COO Michael Porseryd, will remain at the company under the deal, which was financed by a combination of private investment and undisclosed debt placement led by JPMorgan. (partialdiff)