Asacha Media Group, the Paris-based production group founded last year by three former Endemol Shine and Zodiak executives, has acquired a majority stake in British production and distribution company WAG Entertainment for an undisclosed amount.
WAG was established in 1998 and the company’s slate includes Science Channel’s What On Earth?, which is in production on its seventh season, Combat Dealers for Discovery’s Quest, and UKTV’s War Factories.
As part of the deal, WAG CEO and founder Martin Durkin will step down at the end of 2021. He will be replaced by COO Steven Green, who will become the firm’s managing director following a transition period.
WAG’s most recent earnings showed it posted a profit of £7.7 million (£10.6M) in the 12 months to March 2020, up marginally on £7.3M the year before. The firm has £4.6M of cash in hand at the bank.
Asacha is building a portfolio of production companies after being founded last April by Gaspard de Chavagnac, the former Zodiak Media France boss; ex-Endemol Shine Group international COO Marina Williams; and former Zodiak CEO Marc Antoine d’Halluin.
Other companies backed by Asacha include Italy’s Stand By Me, which is currently making a four-part documentary series based on Sharing The Wisdom Of Time, the book written by Pope Francis.
The WAG deal was brokered by media advisory firm GothamStreet, with support provided by NOR Capital.
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