Sky, Europe's leading entertainment company, has invested a further £1m in TRX, the online deal-making tool for TV rights, following its initial investment of £1m in August 2016.
This latest investment brings TRX's total funds raised to date to £10m. As well as Sky, investors include the Channel Four Growth Fund, angel investors (many of whom are from the Media and Finance industries) and the founders, David Frank and Matthew Frank. Sky remains a minority shareholder in the business.
TRX enables TV program buyers to search for content, get instant rights availabilities and make offers for program rights all online. TRX sits within the global secondary TV rights export market, estimated to be worth in excess of $5bn per annum. Its aim is to make TV deals easier, quicker and more efficient for sales teams and buyers.
Over 60 international distributors, including Sky's production and distribution business, Sky Vision, and over 300 buyers use TRX to buy and sell TV rights. The service will come out of its beta-test in autumn ahead of a full global launch.
Emma Lloyd, Group Director Business Development & Strategic Partnerships at Sky said: 'Sky spends £6bn annually on content. As we build a thriving production and distribution business in Sky Vision, and increase our investment in Sky Original Productions, international sales are becoming ever-more important. TRX is an exciting business for us to be invested in and we look forward to working with them as they expand globally.'
David Frank, Executive Chairman at TRX said:'Sky is at the vanguard of investing in disruptive start-ups in the technology and media space. We are extremely pleased that it has decided to double its financial commitment to TRX. This investment will help drive our global roll out in autumn 2017.'
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Notes to editors:
TRX is a B2B online deal-making tool that enables TV rights buyers and sellers to connect and close more deals, more easily.
On TRX entire licensing deals can be completed securely online - from discovering and screening content to accessing instant availability data to negotiating a price and signing a contract. TRX aggregates titles from over 60 distributors including All3Media International, Discovery Communications and Sky Vision, which can be licensed through TRX's suite of enterprise tools.
TRX was founded in 2015 by TV entrepreneurs David Frank and Matthew Frank, founders of RDF Media and former CEOs of Zodiak Media and Zodiak Rights respectively.
Further information can be found at www.trx.tv
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