Sky, Edge pump $3.8m into TRX

European satcaster Sky and creative industries venture capitalist firm Edge Investments have invested more money into online TV rights portal TRX.

Jane Millichip

The companies have injected around £2.9m (US$3.8m), with some support from other existing private investors, which TRX will use to develop its proprietary technology and continue its global roll-out.

Both Edge and Sky have previously invested in TRX, with the latter’s distribution arm, Sky Vision, having already added its content to the portal.

Last week, TRX added UK distributor TCB Media Rights to the list of 110 global distributors that have signed up to the platform, which also boasts around 600 buyers.

TRX is the brainchild of former RDF Media founders and Zodiak Media executives Matthew and David Frank.

It enables rights deals to be competed online and allows distributors to reach buyers in new international markets, which in turn get access to rights that would otherwise have been difficult to secure. The platform has more than doubled the number of hours of content available via the portal this year, reaching 70,000 hours. The latest investment brings TRX’s fundraising total to £14m.

“TRX offers end-to-end programme rights transactions and fulfilment, and keeps the buyer/seller relationship at the heart of the deal,” said Jane Millichip, MD of Sky Vision. “Going live on TRX with the entire Sky Vision catalogue is an important step for us.”

“Sky and Edge have been instrumental in building the TRX business and I’m delighted that they continue to support us,” said David Frank, executive chairman of TRX. “This year has been a turning point for TRX both in terms of activity and deals negotiated on the platform. We look forward to rolling out TRX to more distributors and buyers in 2019, helping them do more deals with less hassle.”