HMT, led by partner Paul Read and manager Tom Bradbury undertook financial due diligence for Edge Investments on its investment in Dial Square 86, the holding company for online TV rights licensing platform The RightsXchange (TRX).
TRX is an online deal-making platform for TV rights licensing. It enables TV programme buyers to search for content, access instant rights availabilities, negotiate a deal and sign the contract entirely online. Presently transactions in this market happen offline and person-to-person, leading to long deal times and operational inefficiencies. TRX is bringing established marketplace technology to the global secondary TV rights export market,, estimated to be worth in excess of $55 billion per annum.
Founded by TV rights entrepreneurs David Frank and Matthew Frank in 2015, TRX is backed by Sky Ventures and the Channel 4 Growth Fund, both of which are minority shareholders. TRX has spent the past two years developing the core product, and went into live beta in August 2016, having already achieved significant traction with international rights holders. There are over 500 buyers and sellers using TRX including Discovery Communications, Turner Broadcasting, All3Media International and Sky Vision. BBC Worldwide has also agreed to use TRX and list its entire catalogue to selected buyers.
Edge Investments, the specialist investment house focused on the creative industries sector, in particular media and entertainment has invested £22 million in Dial Square 86, the holding company of TRX.
HMT, led by Paul Read and manager Tom Bradbury, undertook financial due diligence on this transaction.
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