TVA Group today announced an agreement to acquire the Serdy Média inc. and the Serdy Vidéo inc. group of companies for an aggregate amount of $24 million. The acquisition will equip TVA to further diversify the content it offers Quebec viewers by adding the Évasion and Zeste specialty channels.
TVA Group has been a founding shareholder of Évasion, whose programming focuses on travel, tourism, adventure and food, since the channel was created in 2000. Zeste, founded in 2010, is a cooking and lifestyle network.
These acquisitions are part of TVA Group's broader content diversification strategy. We're confident that by joining our group both channels will reach larger audiences on all platforms, and will benefit from additional resources that will help them grow their reach.
This wasn't an easy decision, but it was the right decision, and necessary to sustain both channels' growth. In a fast-changing media landscape, independent specialty channels are finding it increasingly challenging to capture the public's attention. After more than 15 years at the helm, I am very happy to pass the torch to TVA. They are in the best position to secure the future of the two channels for the years to come, said Sébastien Arsenault, President and CEO of Serdy Média inc. and Serdy Vidéo inc.
No further comments will be made on this transaction pending CRTC approval.