Two Rivers Media, the UK production outfit founded by former STV Productions chief Alan Clements, has broken away from Kew Media just a year after taking investment from the beleaguered Canadian company.
Two Rivers’ other backers, Channel 4 and Scottish media bank Noble Grossart, funded the buyout of Kew’s stake, meaning they have increased their own shares in Clements’ company.
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Financial details of the transaction were not disclosed, while Two Rivers declined to comment on the size of Kew’s shareholding after it invested in the indie almost a year ago to the day.
Kew suspended trading on the Toronto Stock Exchange last week amid a turbulent period for the company. It follows Kew defaulting on its credit facility after former CFO Geoff Webb filed “inaccurate information regarding working capital” in financial reports.
The company is undergoing a strategic review, which is likely to result in it being split up or sold. Two Rivers is not the first to break away after Dance Moms executive producer Jeff Collins left Kew-backed Collins Avenue Entertainment earlier this month.
Two Rivers chairman Rob Woodward said: “The buy out of Kew’s interest is by mutual agreement. They have been a strong partner for the company, and we wish to thank them for their support. It is an exciting time for Two Rivers, so we are delighted that Noble Grossart Investments and Channel 4 are increasing their interests in the company.”
Two Rivers made drama Susan Hill’s Ghost Story for Viacom’s Channel 5 last year.