Canada’s embattled Kew Media Group will continue to cease all trading on the Toronto Stock Exchange (TSX) following a permanent cease trade order by the Ontario Securities Commission, as the firm’s portfolio of production companies scrambles to exit what one executive has called “a sinking ship.”
Several people with direct knowledge of the company’s finances have told Variety that the producers of HBO and Channel 4 documentary “Leaving Neverland,” one of Kew Media Distribution’s top-earning titles last year – selling into every territory in the world except China, Kew said in July – are among those who are heavily out of pocket, with large amounts of royalties still unpaid.
It is understood that discussions around payment are still ongoing with Kew Media Group, whose financial turmoil was first revealed in its third-quarter earnings in November, which showed a net loss of CAD$6.4 million ($4.8 million) for the period and a 5% dip in revenues (CAD$47.5 million/$35.9 million) from the year prior. The report also disclosed a debt load of CAD$104.9 million ($79 million).
Read full article: https://variety.com/2020/tv/global/kew-media-group-leaving-neverland-unpaid-royalties-1203488884/
Several people with direct knowledge of the company’s finances have told Variety that the producers of HBO and Channel 4 documentary “Leaving Neverland,” one of Kew Media Distribution’s top-earning titles last year – selling into every territory in the world except China, Kew said in July – are among those who are heavily out of pocket, with large amounts of royalties still unpaid.
It is understood that discussions around payment are still ongoing with Kew Media Group, whose financial turmoil was first revealed in its third-quarter earnings in November, which showed a net loss of CAD$6.4 million ($4.8 million) for the period and a 5% dip in revenues (CAD$47.5 million/$35.9 million) from the year prior. The report also disclosed a debt load of CAD$104.9 million ($79 million).
Read full article: https://variety.com/2020/tv/global/kew-media-group-leaving-neverland-unpaid-royalties-1203488884/