Glasgow-based Two Rivers Media, founded last year by Alan Clements, has bought out Kew Media’s interest in the company.
Clements, formerly director of content at STV Productions, set up Two Rivers in January of last year with the backing of Kew Media, Noble Grossart Investments and Channel 4’s Indie Growth Fund. Noble Grossart Investments and Channel 4’s Indie Growth Fund are increasing their interests to facilitate the buy-out.
Rob Woodward, chair of Two Rivers Media, 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.”
Kew Media Group announced at the end of last year the creation of a special committee to review the selling off of part or all of the company. The move came after the company discovered that former CFO Geoff Webb had provided inaccurate information regarding its financial health.