EXCLUSIVE: Sony Pictures Television has taken a £39.7M ($50.5M) hit on Silvergate Media, the Peter Rabbit producer it acquired for $195M in 2019.
Sony declared the impairment in accounts for Columbia Pictures Corporation Limited, the parent company for its operations in the UK, where Silvergate was founded in 2011.
Columbia Pictures Corporation did not provide reasons for the impairment and Sony declined to comment when approached by Deadline.
Kids TV is enduring something of a crisis in the UK, where key players have been hit by waning traditional TV audiences, a sharp rise in production costs, and declining commercial opportunities to sell shows around the world. The Children’s Media Foundation is planning an emergency summit.
Silvergate, rebranded as Sony Pictures Television – Kids in 2022, made the Nickelodeon/BBC animated series Peter Rabbit, reimagining the famous Beatrix Potter character. The company also boasts brands including Octonauts.
William Astor, who co-founded Silvergate with Waheed Alli, stepped down as chairman in December, according to the UK’s Companies House. Joe D’Ambrosia heads Sony’s kids division.
Columbia Pictures Corporation posted revenues of £427M in the 12 months to the end of March 2023, a decline of 8% on the previous year. Its pre-tax loss of £34.1M compared with a profit of £12.9M in 2022.