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one market, but a balanced player in many markets,” happening at streamers and traditional broadcasters, he says over Zoom from Paris, where Asacha is based. who were focusing more and more on original As such, the idea is that Asacha-owned European, non-English-language content. “Language production companies will work together to help get has become less of a barrier,” she adds. “Thanks to projects off the ground, rather than compete on their the streamers, people will watch content in any home turf. “We don’t want to create a lot of labels in language with subtitles or dubbed.” the same markets that will compete against each Indeed, Netflix has hiked its spend in Europe in other,” explains fellow co-founder Marina Williams. recent years, funding originals such as France’s Lupin It was this thinking that appealed to Wag TV, and Spain’s La Casa De Papel (Money Heist). Disney which had been approached by many buyers over recently revealed that it is ramping up local-language its 21-year history, according to chief operating productions in Europe to help fuel Disney+, with 50 officer Steven Green. “The reason we ended up original shows expected by 2024 from countries such going with Asacha is that we wanted to part of as France, Germany, Italy and the Netherlands, while something bigger, but have the opportunity to work “In five years, in the UK, Channel 4-backed AVoD Walter Presents with other companies in the group,” says Green. has carved out an audience by offering high-end, “That’s something I don’t think you get inside other we will be in local-language dramas. big media groups – it’s all about competing against each other for your earn-out.” up to 10 key Harnessing local talent Green, who will step up to managing director countries Asacha aims to capture a share of these productions when Wag founder and chief executive Martin by using its founders’ experience to help local talent Durkin stands down at the end of 2021, says the indie in Europe” finance and package larger European projects. The was keen to expand into Europe because it already company will also help to fine-tune ideas so they sells into the UK and US markets. Gaspard de Chavagnac meet the needs of the international platforms, and Wag is already talking to Asacha-owned Co-founder advise on the commercial negotiations. Italian producer Stand By Me about a potential In the immediate future, Asacha plans to expand co-production. “If you’re going to bring creatives through a mix of acquisitions, joint ventures and together to sit around a table in a media group, it’s start-ups in France, the UK, Spain and Germany. Then nice to work together,” says Green. “You should be it will target growth markets such as Russia, eastern exchanging ideas, not competing.” Europe and Turkey. “In five years, we will be in up to De Chavagnac is a former chief executive of 10 key countries in Europe,” says De Chavagnac. Zodiak France and managing director of Fremantle In each territory, the ambition is that its producers France, while Williams was chief operating officer of will turn over €30m-€60m (£26m-£52m) a year international operations at Endemol Shine Group, between them. It would take several deals of scale where she oversaw business across central and to achieve this in the UK. he launch of pan-European producer eastern Europe, India, the Middle East and Africa. Oaktree has invested an initial €100m (£86m), but group Asacha Media last year was The third founding co-partner is Marc Antoine that’s just the start, according to De Chavagnac. “That ASACHA understandably overshadowed by the d’Halluin, currently chief executive of Middle Eastern is the first amount we agreed on to start the business, €100m escalating Covid-19 crisis. broadcaster MBC Group and former chief exec of £52m but obviously our project is much bigger than €100m TBacked by private investor Oaktree Capital Zodiak Media Group, who has a non-exec role as in terms of investment,” he says. All of the founding PLOTS AN Management, the newly formed group debuted at vice-chairman. He oversaw Zodiak’s merger with partners and bosses of the acquired production the height of the first lockdown in April 2020 with Banijay in 2016. companies are also investing in Asacha, handing the acquisition of majority stakes in two Italian firms The trio first came into contact in the early 2000s them shares in the parent business at an early stage. Initial Upper end of EMPIRE investment in – drama and film producer Picomedia and factual when they had a “collaborative and positive” Some might argue that Asacha is too late to the Asacha’s turnover Asacha from and kids’ indie Stand By Me – as well as French experience working together in senior roles at now consolidation game, given that so many production ambitions in each Launched in April last year during the first Oaktree Capital scripted producer Mintee Studio. defunct US channel Fox Kids, says Williams, and companies have already been scooped up by large of its markets lockdown, the pan-European group has Management And Asacha entered the UK market in February have since gained “complementary” skills working groups such as Banijay, All3Media, Fremantle, ITV been steadily acquiring production firms and this year with the acquisition of veteran indie Wag in production across international markets. Studios and France’s Mediawan. has now gained a foothold in the UK with TV, producer of shows such as Combat Dealers for With such an experienced team behind Asacha, it “For sure, there has been a lot of consolidation, the acquisition of Wag TV.Tim Dams reports Quest and Science Channel’s What On Earth?. More is easy to draw comparisons with Italy’s De Agostini but it has not always been very successful,” says deals are planned as it seeks to build its footprint Group, which acquired producers across Europe De Chavagnac. “We feel that you should never forget across Europe in the coming years. to launch Zodiak back in 2007. The group became this is about talent and people. This is why size as Co-founder Gaspard de Chavagnac says that a key player in the UK when it bought RDF three a whole is not our main criteria. From our past Above: Wag TV Asacha is looking to build a “balanced” group years later. experience in other big groups, we know that series What throughout Europe, and that each acquisition has Williams says the idea to launch Asacha came when you get too big, you lose talent.” On Earth? for been carefully planned in accordance with the larger about two years before its establishment, when it Wag might at first glance look a slightly low-key Science Channel business plan. “We don’t want to be a huge player in became clear that there was “a big transition” UK acquisition for a company bidding to become broadcastnow.co.uk // APRIL 2021 APRIL 2021 // broadcastnow.co.uk ASACHA MEDIA // INTERVIEW 19

a European superpower, but Williams says the “Sometimes you give up your IP rights, but if streaming platforms’ growing interest in factual you work with big budgets on big shows that offer programming sparked Asacha’s interest in the bonuses and premiums, it is a substantial contribution indie, as did its catalogue of IP and expertise in to the business – and we should not ignore it.” co-production, financing and distribution. Covid-19 has meant delays to a few productions Future Asacha acquisitions in the UK are likely from Asacha group companies and rises in costs to to focus on the drama space rather than factual, meet safe shooting guidelines, say De Chavagnac however, in line with its strategy of avoiding and Williams. But business is ongoing – Italy’s domestic competition. Stand By Me, for example, has unveiled new Netflix Asacha’s central team itself will remain “very documentary Sharing The Wisdom Of Time, based light” and dedicated to helping its production “Thanks to on a book by Pope Francis. companies grow “bigger and faster”, says De The Asacha bosses insist that the pandemic hasn’t Chavagnac. It is also planning to build a small the streamers, slowed their ambitions for growth and deal-making, distribution infrastructure to sell its own content, people will despite the lack of physical markets. While unable and to help package and finance programmes. to travel to events such as this month’s Mip TV, watch content UK-based Williams has been able to meet people Flexible approach in any here to talk business – often outside in parks Williams says Asacha will be flexible about the (“Hopefully, it’s going to get warmer soon,” she says.) commercial deals it strikes with streamers and language” De Chavagnac, meanwhile, has been able to travel broadcasters and won’t always insist on holding on to between France and Italy for meetings. IP. “I don’t think you can decide that you want to own Marina Williams Encouragingly, neither say they have been put IP on all your content – you need to be very diverse, Co-founder off investing in the UK market by Brexit. “English- very agile and you have to work with all the available language content is still popular – and I think every propositions in the market,” she adds. market has its own challenges,” says Williams. This will manifest in some programming being Asacha is likely to learn much more about these financed and owned as well as Asacha-owned Above: Wag TV individual market challenges – and opportunities producers working as guns-for-hire in other instances. makes Combat – as it pursues its pan-European ambitions in the For Williams, this is all about diversifying risk. Dealers for Quest coming years.

APRIL 2021 // broadcastnow.co.uk