Sony Pictures Television has announced the acquisition of independent media company Silvergate Media.
Under the deal, Sony Pictures Entertainment has acquired 100 percent of Silvergate Topco, whose assets include Silvergate’s 49 percent interest in a joint venture with Beijing-based Wanda Group, which holds the rights to “Octonauts.”
Silvergate will continue to be managed by Waheed Alli, chief executive officer, and William Astor will continue as chairman
“This is the beginning of an exciting new chapter for the team at Silvergate,” says Will Wynperle, partner, Shamrock. “Over the past several years, the company has significantly grown its portfolio of brands, many of which can be seen on a global basis. We have enjoyed working with the Silvergate team over the past several years, and they are excited about their new partnership with SPT.”
Sony Pictures has also acquired a minority stake in Silvergate BP Bidco, which produces the “Peter Rabbit” television series and will continue to be majority-owned by Alli.
The total purchase price was approximately $195 million.
“We are excited to extend our capabilities and gain valuable children’s IP to bolster our entry into the kids’ space,” says Mike Hopkins, chairman, Sony Pictures Television. “Silvergate gives us a great building block to expand into this genre in a meaningful way.”
Alvarium served as financial advisor to Silvergate Media, and Foot Anstey served as its legal counsel. Latham & Watkins served as legal advisor to SPT.