Sky finds further funds for Franks’ TRX

David Frank is executive chairman at TRX

UK broadcaster Sky has made another investment in TRX, the online TV rights portal created by Matthew and David Frank, taking the total funds raised to date to £10m (US$13m).

Sky has invested a further £1m in the company, following a similar transaction last year, but remains a minority stakeholder along with Channel 4’s Indie Growth Fund and numerous unnamed angel investors.

The Franks, former RDF Media founders and Zodiak Media executives, created the deal-making tool in 2015. 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.

TRX soft-launched in Asia in 2016 and is preparing for a full global launch later this tear.

It holds programming from firms including Sky Vision, Discovery Communications, All3Media International and Hat Trick International. TRX claims more than 300 buyers use the service to buy and sell TV rights.

Emma Lloyd, group director of business development and strategic partnerships at Sky, said: “As we build a thriving production and distribution business in Sky Vision and increase our investment in Sky original productions, international sales are becoming ever more important.

“TRX is an exciting business for us to be invested in and we look forward to working with them as they expand globally.”

David Frank, executive chairman at TRX, added: “Sky is at the vanguard of investing in disruptive start-ups in the technology and media space. We are extremely pleased that it has decided to double its financial commitment to TRX. This investment will help drive our global roll-out in autumn 2017.”