Seven offloads UK and US production assets – Sydney Morning Herald

Seven had been working with Morgan Stanley to sell the entire Seven Studios division before the COVID-19 pandemic began and was in discussions with production companies including ITV Studios, Disney and Comcast’s NBC Universal. The preference was to secure a joint venture with an international partner that would help reduce Seven’s half a billion-dollar debt pile, but the talks were put on hold when the crisis began. Mr Warburton had also been looking at ways to outsource some local programming.
Seven Studios creates content for broadcasters but most of its money comes from distribution deals and productions with international streaming services. Back to the Rafters, a spin-off of local drama Packed to The Rafters, was commissioned for Amazon Prime last year and Seven also created Zumbos Just Desserts for Netflix. MKR is one of the biggest international cooking formats in the world and Home and Away has deals in place with the UK and New Zealand.
The deal with Beyond does not include Seven’s studio business GSTV in New Zealand or the local production house that produces Home and Away, Better HomesandGardens and House Rules. The sales distribution division will also remain with Seven. Seven Studios UK and 7Beyond will be renamed Beyond Productions and will be led by general manager and executive vice president John Luscombe, the partner of long-time Seven Studios boss Therese Hegarty who stepped down from the business in early May.
Mikael Borglund, chief executive and managing director of Beyond International, said the acquisitions would strengthen the company’s catalogue of shows and production capabilities.

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