Telenet takes majority control of production outfit Caviar

Liberty Global-backed Belgian service provider Telenet has upped its stake in production company Caviar Group from 49% to 70%, and will consolidate Caviar in its financial figures as of October 1.

Telenet initially took a stake in the production house in May 2021. Once consolidated, it said, Caviar Group will continue to function as an independent content studio.

The remaining shares stay in the hands of current shareholders Bert Hamelinck, the CEO who is also responsible for scripted content, Mathias Coppens, responsible for the TV division Roses Are Blue and Michael Sagol, chief talent officer, responsible for branded content internationally.

The day-to-day management of Caviar remains in the hands of the current leadership team, said Telenet.

In 2021, Caviar Group closed the year with revenues of €126.4 million and an EBITDA of €8.8 million, excluding Caviar Paris, which will not be consolidated.

Telenet said the increase in its stake in Caviar is in line with its long-term entertainment strategy. The company has invested in media for a number of years, including through Woestijnvis and SBS (Play4, Play5, Play6 and Play7).

Caviar has produced local series including F*** you very much and Restaurant Misverstand and has sold formats such as Code van Coppens (The Way Out) and Down The Road to broadcasters in the Netherlands, Poland, Denmark and the Middle East.

John Porter, CEO Telenet, said: “We absolutely believe in the continued growth of Caviar. We found each other a year and a half ago in a shared vision of the international potential of our local talent and content. Caviar has a proven track record in creating content that also scores well internationally. We have been impressed by their results over the past 18 months and robust pipeline going forward. This helped us decide to increase our stake in the company to 70%.”

Bert Hamelinck, CEO of Caviar, said: “Caviar’s success is only there thanks to all our creative talents and a very close and passionate team in all our entities and branches. We are therefore very grateful to them for their trust and boundless commitment, and, together with them, we are very proud that we can further expand our own vision and strategy worldwide with the support of Telenet.”