Sony Pictures Television (SPT), a wholly-owned subsidiary of Sony Pictures Entertainment, is to buy CSC Media Group (CSC), one of the UK’s largest independent cable/satellite TV channel groups in a £107 million (€134m) deal.
Under the agreement, SPT will own and operate the 16 ad-supported channels in the company’s portfolio, pending regulatory approval. The deal has been struck between SPT Networks and private equity firm Veronis Suhler Stevenson, majority shareholders in the CSC Media Group, with SPT acquiring 100 per cent of the company.
Additionally, the deal expands SPT’s reach on Freeview from two to four channels. The CSC channels are also distributed internationally in Ireland and Sub-Saharan Africa. Berenson & Company acted as exclusive financial advisor to SPT on this transaction. Lepe Partners acted as financial advisor to CSC.
CSC is one of the UK’s largest independent cable/satellite TV channel groups with a portfolio of channels across kids, music, and movies and entertainment genres. CSC was founded in 2007 via the acquisition of the Chart Show portfolio of channels by private equity group Veronis Suhler Stevenson and a new management team. Its channels are available on Sky Digital, Virgin Media, Freesat and on Freeview. CSC also owns and operates a number of complementary websites, on-demand services and mobile apps.