Acquisition will mark French group’s biggest deal to date
Mediawan has confirmed it has struck an agreement to buy Peter Chernin’s The North Road Company.
The deal, first mooted earlier this month, is the largest to date for France-based Mediawan, which was founded by Xavier Niel, Matthieu Pigasse and Pierre-Antoine Capton in 2015. It is backed by companies including US private equity firms KKR and Atwater Capital.
Financial details were not revealed but Mediawan said the combined group would operate nearly 100 individual production companies representing over $2bn in annual production revenue across 15 countries, including the US, Europe, Australia, Mexico and Turkey.
North Road will serve as Mediawan’s North American hub as part of the deal, with the latter’s leadership teams, labels, and creative partnerships remaining in place.
The companies said the sale would ensure “full creative continuity” while unlocking opportunities and creative synergies across the group.
Management structure & footprint
The combined group will be led by Capton from Paris, with Mediawan’s governance and control remaining unchanged. Élisabeth d’Arvieu will become group chief content officer, leading scripted TV and film, unscripted and reality, documentaries, animation and emerging formats.
Peter Chernin will join Mediawan’s board and will serve as non-executive chairman of The North Road Company. Scott Manson will become chief exec of The North Road Company, with Jenno Topping remaining president of Chernin Entertainment.
The combined entity is backed by Mediawan’s strategic partner KKR, as well as Qatar Investment Authority, Providence Equity Partners, The Raine Group, Bpifrance, and Mediawan co-founders Xavier Niel and Matthieu Pigasse.
North Road shareholders, founders, and management team will become significant minority Mediawan shareholders. The deal is subject to regulatory approvals and expected to close in the first half of the year.
The deal will create a major global production player with considerable North American presence. Mediawan is behind shows such as The Counte of Monte Cristo and Call My Agent, and owns more than 80 production companies across 14 countries.
The majority of its footprint is in mainland Europe but it also owns Brad Pitt’s US-based Plan B, as well as Drama Republic and Slow Horses prodco See-Saw Films in the UK. It also revealed a joint venture with Margot Robbie’s LuckyChap - led by Mona Qureshi and Tanya Qureshi - in December.
The company also operates an extensive distribution operation, created last year after a combination with Leonine Studios, as revealed by Broadcast International. It is led by former All3Media Americas chief Sally Habbershaw, who oversees a library of around 30,000 hours.
North Road’s media entities include: Chernin Entertainment, led by David Ready; Chernin Entertainment Television, led by Kaitlin Dahill and Tracey Cook; Kinetic Content, led by Chris Coelen; Worlds + Pictures, led by Connor Schell; North Road Television Studio, led by Amy Israel; Perro Azul in Mexico City and Karga Seven in Istanbul.
Its output includes Chernin Entertainment’s Chief of War for Apple TV, Love Is Blind from Chris Coelen’s Kinetic Content, and Super/Man: The Christopher Reeve Story from Words + Pictures. The group was launched by Chernin when he acquired the North American assets of Germany’s Red Arrow Studios in 2022, including Kinetic Content and Words + Pictures.
’Accelerated development’
The companies said the combined entity would “have a stronger ability to accelerate the development of powerful IP, foster fresh creative synergies through format adaptations and co-production opportunities, and deliver ever greater value to viewers, talent and partners worldwide.”
Capton, co-founder and chief of Mediawan Group, said: “With the addition of Peter’s exceptional creative teams, we believe we are creating the ideal global home for premium storytelling. Peter is one of the most respected builders in our industry, and it is a true privilege for us to partner with him and Jesse Jacobs, and the North Road team on this next chapter.
“As our industry consolidates, our goal is to reinforce Mediawan’s position as the leading independent platform for premium content and as a trusted partner to streaming platforms and all content distributors worldwide. We will continue this work with humility and agility, delivering the best possible content for our viewers and our partners worldwide.”
Chernin added: “I’ve spent my career trying to focus on where the creative and entertainment businesses are going. In the streaming era, the platforms have all become global buyers. It’s time for a global content company with leadership in geographies all over the world to maximize the potential of this new landscape.
“I’m thrilled to partner with Pierre-Antoine, who shares this global vision, and Mediawan to build this company.”
Élisabeth d’Arvieu, Mediawan’s group chief content officer, said: “Bringing Mediawan and North Road together creates a uniquely powerful creative platform across all genres, scripted and unscripted, film and series, documentaries and animation.
“With talent and premium IP at the center, we have the scale to develop ambitious stories and build global franchises with the world’s leading creators, studios and platforms. This will allow accelerating co-productions, generating new synergies within the Group, creating a new bridge between the American and European industries.”
Scott Manson, chief exec of The North Road Company, said: ”Combining with Mediawan provides us the scale and resources to compete at the highest level globally. We look forward to continuing to be a top supplier of content to our studio and streamer partners, while also leading the industry forward with new business models alongside Pierre-Antoine and our forward-thinking partners at Mediawan.”
The deal comes just weeks after news of another potential merger broke, with All3Media and Banijay exploring a tie-up. The deals reflect the attempts of production and distribution groups to scale up in a bid to better compete.
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