HomeLatest NewsKew Media Group parts ways with...

Kew Media Group parts ways with CFO, announces strategic review

Toronto-headquartered Kew Media Group has parted ways with Chief Financial Officer Geoff Webb and announced a strategic review, following what the publicly-traded content producer and distributor says were “inaccurate reports” regarding the company’s working capital.

Webb had been Kew’s CFO since March 2017 and according to the company’s website had taken “a leading role in the company’s multi-faceted finance, banking, corporate development and other operations.”

In a press release issued Wednesday, Kew announced that its Board of Directors had formed a special committee of independent directors, chaired by David Fleck, “to examine strategic alternatives for the Company.”

“This follows expressions of interest from a number of parties concerning potential transactions involving the Company. These alternatives could include, among other things, the sale of part or all of the Company, a merger or other business combination with another party, new capital initiatives or other strategic transactions,” reads the release.

“Kew is a leading content platform comprising highly coveted assets in its global portfolio of production and sales companies,” Fleck added. “The Board’s goal is to maximize value in the best interests of Kew and all its stakeholders.”

The company says it’s conducting a detailed review with the support of its financial and legal advisors and is currently in discussions with lenders in regards to its short-term liquidity requirements.

Michael Corrigan, former Senior Executive Vice-President and CFO at Metro Goldwyn Mayer, has been appointed interim CFO. Prior to MGM, Corrigan was a senior partner in the Entertainment, Media and Communications practice at Price Waterhouse LLP, and more recently was at Sonar Entertainment/RHI.

Kew stock has been volatile for the last few months, plummeting from a high of CAD $7.35 in April to just under $3 in mid-November after a lacklustre quarterly report. Kew shares closed the market at $2.50 Wednesday, and were trading up slightly Thursday at $2.62.

With offices in Toronto, London, Los Angeles, New York, and Sydney, Kew develops, produces and distributes more than 2,000 new hours of content every year, and manages a library of more than 14,000 hours of content. The company launched its initial public offering in 2016.

 


Subscribe Now – Free!

Broadcast Dialogue has been required reading in the Canadian broadcast media for 25 years. When you subscribe, you join a community of connected professionals from media and broadcast related sectors from across the country.

The Weekly Briefing from Broadcast Dialogue is delivered exclusively to subscribers by email every Thursday. It’s your link to critical industry news, timely people moves, and excellent career advancement opportunities.

Let’s get started right now.

* indicates required

 

SUBSCRIBE NOW - IT'S FREE!

At Broadcast Dialogue®, we are committed to delivering industry-leading insights, news, and analysis directly to your inbox—completely free of charge.

By providing full / accurate information, you are helping us sustain Broadcast Dialogue® as a free resource. In return, we commit to delivering high-quality content that keeps you informed on the latest trends, technology, and news shaping the broadcast landscape—at no cost to you.

The Weekly Briefing from Broadcast Dialogue® is delivered exclusively to our subscribers by email every Thursday.
Please enable JavaScript in your browser to complete this form.

Your Subscription Information

Your Name
Your Email Address
Broadcast Dialogue uses this information to understand our audience and deliver relevant content.
Broadcast Dialogue uses this information to understand our audience and deliver relevant content.

Your Company Information

A Couple Of Questions

Do you consider yourself retired?
Are you seeking employment opportunities?

Broadcast Dialogue uses this information to understand our audience and deliver relevant content.
Connie Thiessen
Connie Thiessenhttps://broadcastdialogue.com
Connie has worked coast-to-coast as a reporter, editor, anchor and host at CKNW and News 1130 in Vancouver, News 95.7 and CBC in Halifax, and CFCW Edmonton, among other stations. With a passion for music, film and community service, she led News 95.7 to a 2013 Atlantic Journalism Award and regional RTDNA award for Best Radio Newscast. More recently, she was nominated for Music Journalist of the Year at Canadian Music Week 2019. To report a typo or error please email - corrections@broadcastdialogue.com

Latest News

Four Senses Entertainment launches Vibe 99.7 in Squamish

Four Senses Entertainment has launched Vibe 99.7 (CFDT-FM) in Squamish, BC in line with the branding of its Whistler CHR station, formerly known as...

KiSS Throwbacks format launches on former Metro Vancouver SONiC RADiO stations

Rogers Sports & Media has launched KiSS Throwbacks on its former SONiC RADiO stations in Vancouver, Abbotsford and Chilliwack. The move sees the KiSS brand...

News Reporter

Pattison Media Ltd. is looking for a news reporter to join a talented group of journalists in North Battleford and Meadow Lake, SK. We are...