In the financial year ended 31 March 2017, Tern’s turnover was approximately £5.3m with profit before tax of approximately £0.3m.
Zinc Media will pay an initial £2 million for Tern, plus £1.1 million for surplus cash and an earnout consideration of up to £2.35 million.
Zinc is raising £3.5m before expenses in an oversubscribed share placing to pay for the deal.
Peter Bertram, Zinc Media’s Chairman, said, “We are delighted to announce this key acquisition for Zinc Media and are delighted to welcome the highly regarded Tern Television team into the Company. We believe this acquisition will place us in a strong position to further expand and grow in an industry which is experiencing ever-increasing demand for original content, due to the rapid growth of connected devices and new TV platforms.”
Tern, established in 1988, is an independent TV production company specialising in factual TV production. The company has key production bases in Scotland and Northern Ireland and typically produces over sixty hours of TV annually for UK broadcasters, including the BBC, Channel 4 and Sky 1, as well as international broadcasters such as Discovery, PBS and National Geographic Channels. It has won numerous awards including BAFTAs, Prix Italia, Royal Television Society awards and a Cine Golden Eagle. Tern has a profitable track record and reported an increased turnover of approximately £5.3m in the financial year ended 31 March 2017, up from approximately £4.4m in the year ended 31 March 2016.
UK, Scotland, Edinburgh & Aberdeen