Asacha Media Group, the Paris-based production group founded last year by three former executives of Endemol Shine and Zodiak, has acquired a majority stake in UK production and distribution company WAG Entertainment for an undisclosed amount.
WAG was established in 1998 and the company’s list includes Science Channel’s And on Earth?, which is in production in its seventh season, Combat merchants for Discovery Quest and UKTV’s War factories.
As part of the deal, WAG CEO and founder Martin Durkin will step down at the end of 2021. He will be replaced by COO Steven Green, who will become the company’s CEO after a transition period.
WAG’s most recent earnings showed it had made a profit of £ 7.7million (£ 10.6million) in the 12 months ending March 2020, up slightly from 7.3 million pounds the previous year. The company has £ 4.6million in cash in the bank.
Asacha is building a portfolio of production companies after being founded last April by Gaspard de Chavagnac, the former boss of Zodiak Media France; Marina Williams, former International COO of Endemol Shine Group; and the former CEO of Zodiak, Marc Antoine d’Halluin.
Other companies supported by Asacha include Stand By Me in Italy, which is currently making a four-part documentary series based on Sharing the wisdom of time, the book written by Pope Francis.
The WAG deal was negotiated by media consultancy GothamStreet, with support from NOR Capital.