Please wait...
Please wait...

Troubled Target back on the block

The UK’s Metrodome Group has put TV distributor Target Entertainment up for sale 18 months after buying the company.

The Metrodome subsidiary is under due diligence in the hope of finding a new owner.

“We are in talks with various parties about our future ownership and will make a formal announcement at the appropriate time,” said a Target spokeswoman.

This comes 18 months after UK-based Metrodome bought Target’s distribution assets for £800,000 (US$1.2m), a deal that did not include production subsidiary Greenlit. Metrodome vowed to “significantly invest in the company” to the tune of £3m but despite this Target has continued to struggle.

Its founder and CEO Alison Rayson departed in October last year to be replaced by former FremantleMedia and ITV exec Emmuelle Namiech. This followed the exits of senior execs Oliver Ellis and Helen Howell, who formed toon production house Hoho Entertainment.

Then in December 2011, Metrodome put out a profit warning due to poor fourth quarter sales at Target and a bad buying market, which was impacting on other parts of the business.

Metrodome CEO Mark Webster revealed yearly operating profit would be “materially below market conditions” due to the TV distributor and that buyers were delaying decisions and “not buying at all.”

Target sells programmes such as Chapman Entertainment’s preschool series Fifi and the Flowertots, RTE kids’ show Punky and E4 reality show Tool Academy.

Please wait...