Frank deal secures TRX’s future

David and Matthew Frank have reached a deal with The RightsXchange (TRX) to clarify the future of the company, after news of their departure was broken by C21 in October.

David Frank launched TRX with his brother Matthew

The Frank brothers, who founded the online TV rights portal in 2015, will remain involved with the company in a non-exec advisory capacity, overseeing the TRX team.

There was initial uncertainty about what lay ahead for the company upon announcement of their departure, as there were possibilities of finding a buyer or potentially winding the business down.

Following the new deal reached by the board of parent company Dial Square 86 and the founding brothers, TRX has ruled those two options out and is likely to announce new leadership in the new year, C21 understands.

Matthew Frank said: “I’m absolutely delighted that TRX will be continuing and that David and I will have an involvement in the business. Having spent five years of our lives building and investing in TRX we’re as keen as ever to help it grow to the next level.”

TRX is a software tool that allows rights deals to be completed easily online by connecting buyers with sellers, providing a more efficient and cost-effective platform through which to do business. The company operates on a subscription model, tailoring services to distributors’ requirements.

The company is reported to have more than 1,500 registered buyers, with high-profile customers including BBC Studios, Sky Vision, All3Media, TCB, Lionsgate, Studio Canal, Red Arrow and Beta Films.

Another major company to have signed up to TRX recently was Mexican broadcast giant Televisa, which said in February it had more than 70,000 hours of content from more than 110 distributors in the TRX system.

The Frank brothers have yet to unveil their own plans for next year.