Wicks Buys Antenna Audio
Discovery Communications gives up it $40 million revenue business
New York-based private equity firm The Wicks Group completed the acquisition of Antenna Audio from NASDAQ-listed Discovery Communications. Deal terms were undisclosed.
Antenna, which is based in London, has been in the business for nearly 25 years. The company's US headquarter is located in Sausalito, California. Antenna produces and delivers educational content for multimedia and mobile tours for exhibitions, historic sites, museums and visitor attractions worldwide.
In 2006, Discovery Communications acquired Antenna for an undisclosed amount. During Discovery's second quarter earnings statement the company disclosed plans to sell the business, which generates $40 million of annual revenue.
Wicks Group, as the new owner, intends to grow the company by expanding it into new markets and exploring new products and services.
Wicks Group, according to its website, is still investing out of its third fund, Wicks Communications and Media Partners III LP. The firm held a final close on the fund at $535 million in 2004. The firm has a history of investing in the information, education, and media sector.
Last month, Wicks acquired Verse Music Publishing from record producer Curt Frasca and songwriter Sabelle Breers.
Calls to both Wicks and Antenna were not returned by press time.
Pillsbury Winthrop Shaw Pittman LLP acted as legal advisors to The Wicks Group on the transaction, and DLA Piper advised Discovery Communications.
For more information on related topics, visit the following: