Kew Media Group Launches Strategic Review

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Kew Media Group has formed a special committee of independent directors to examine “strategic alternatives” for the company, which may include the sale of all or part of it.

Other options being evaluated include a merger or other business combination with another party, new capital initiatives or other strategic transactions.

Kew has also learned that certain reports provided by Geoff Webb, the company’s chief financial officer, to Kew Media Group and its senior lenders contained “inaccurate information regarding working capital.” Webb has now left the company and a detailed review is underway.

The company has appointed Michael Corrigan as interim CFO. Corrigan was previously senior executive VP and chief financial officer of Metro Goldwyn Mayer (MGM). Prior to MGM, Corrigan was a senior partner in the entertainment, media and communications practice at Price Waterhouse. More recently, he was at Sonar Entertainment/RHI.

The special committee is chaired by David Fleck and includes Patrice Merrin and Maish Kagan, with TD Securities as its financial advisor. Fleck commented: “Kew is a leading content platform comprising highly coveted assets in its global portfolio of production and sales companies. The board’s goal is to maximize value in the best interests of Kew and all its stakeholders.”

Peter Sussman, executive chair, commented: “Management is fully supportive of these initiatives. We remain keenly focused on running Kew’s operations.”

CEO Steven Silver added: “We welcome Michael Corrigan to the company and look forward to working with him.”