Sony Pictures Television (SPT) has announced the acquisition of independent media company Silvergate Media.
Silvergate will continue to be managed by CEO Waheed Alli and William Astor will continue as Chairman.
Under the deal, Sony Pictures Entertainment (SPE), through a wholly-owned subsidiary, has acquired 100% of Silvergate Topco Limited, whose assets include Silvergate’s 49% interest in a joint venture with Beijing-based Wanda Group, which holds the rights to Octonauts. Additionally, SPE has acquired a minority stake in Silvergate BP Bidco Limited, which produces thePeter Rabbit television series and will continue to be majority-owned by Waheed Alli. The total purchase price was approximately $195 million.
This acquisition, alongside the announcement to expand the business of Sony Pictures Animation to include animated television series, underlines SPT’s strategy of diversifying its studio business and growing key genres.