Zodiak plans share issue to fund acquisitions

After becoming 100% independent last month, pan-Scandi indie prodco Zodiak Television has announced plans for a SEK 117 million (€12.6m) shares issue in order to fund further acquisitions.

In a statement from the board of directors, Zodiak today said: “The proceeds from the rights issue will be used to strengthen Zodiak’s position in Northern Europe, mainly through complimentary acquisitions.” Patrick Svensk, ceo at Zodiak added: “Our turn-around and future strategy is appreciated by existing and new shareholders… We can continue according to our road map of international format development and complementary acquisitions.”

Svensk told C21 last month that Nordic territories were next on the acquisition hit list and in the longer term, Baltic markets. “We now have area managers in Poland and Russia and in the long-term, we will be looking at setting up production bases in these markets,” he said. At Mip TV, C21 reported that Zodiak had hired SVT’s Patrick Nebout to move into the hot market of Russia as head of operations.

In the last few years, Zodiak has acquired Mastiff Media, Jarowskij of Finland and most recently, its second Finnish acquisition, Broadcasters Oy.

Zodiak also has strong relationships with a number of indies that have channeled their formats into its Denmark-based distribution arm Zodiak Television World, such as Denmark-based Easy Film, which also has a sister company in Poland; Nordisk Film & TV; and Dutch outfit Palazzina. All of these could be seen as possible takeover targets.

Last month Zodiak became independent after Scandi media conglom Bonnier cashed in its 25% share in the company.