Content Reaches Deal with Target Administrators

LONDON: Content Media Corporation has struck a deal with the joint administrators of Target Entertainment and Minotaur International to “provide an ongoing distribution solution for producers and other rights owners, subject to necessary consents.”

The loss-making Target Entertainment and Minotaur went into administration at the end of February and no longer have distribution capabilities. Content will now work with the joint administrators of the companies, BDO, to assist with the ongoing distribution of the catalogue.

The statement from Content makes it clear that the company is not acquiring the business or assets of Target or Minotaur.

Greg Phillips, the president of Content Television, stated, “We are well known to many of the companies’ producers and look forward to the opportunity to introduce our experienced distribution capabilities to many others. Our role is to help producers transition the ongoing distribution from the companies to Content as quickly and efficiently as possible and to then look to maximize the ongoing cash flow from that distribution. If we can achieve consent quickly we should be able to start this process at the forthcoming MIPTV market and during the sales follow up to that market.”

Shay Bannon, BDO’s business restructuring partner, said: “We are pleased to be able to report some positive news having reached an exclusive agreement with Content to provide a solution enabling distribution of the companies’ programs and other content to be transitioned to Content. We are continuing to work to maximize recoveries in the administration for all creditors.”