RTL-owned producer and distributor FremantleMedia has acquired a controlling stake in US-based branded content company @radical.media. The two will produce branded shows and FremantleMedia will distribute them internationally.
Jon Kamen, founder and CEO of @radical.media said the deal, which sees FremantleMedia take a 60% stake in the company, was only signed yesterday. He told TBIvision that @radical.media will continue to operate autonomously under the new structure. It has bases in Berlin, Shanghai, Sydney, New York and Los Angeles.
Announcing the @radical.media deal, FremantleMedia CEO Tony Cohen said that the company is keen to diversify its revenue base in a TV market that remains tough. “The remainder of the year is going to be quite tough to be frank,” he said. “Advertising revenue, which is coming back for broadcasters, is still not finding its way into production budgets.”
@radical.media produces TV shows including Iconoclasts, the show about cultural icons that is sponsored by Grey Goose vodka and airs on The Sundance Channel as well as several series for other US cable nets including Storymakers for AMC and The Life for ESPN.