Sony Writes Down Value Of Silvergate By $50M After Acquiring ‘Peter Rabbit’ Producer For $195M

Jake Kanter
·1 min read

EXCLUSIVE: Sony Pictures Television has taken a ￡39.7M ($50.5M) hit on Silvergate Media, the Peter Rabbit producer it acquired for $195M in 2019.

Sony declared the impairment in accounts for Columbia Pictures Corporation Limited, the parent company for its operations in the UK, where Silvergate was founded in 2011.

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Columbia Pictures Corporation did not provide reasons for the impairment and Sony declined to comment when approached by Deadline.

Kids TV is enduring something of a crisis in the UK, where key players have been hit by waning traditional TV audiences, a sharp rise in production costs, and declining commercial opportunities to sell shows around the world. The Children’s Media Foundation is planning an emergency summit.

Silvergate, rebranded as Sony Pictures Television – Kids in 2022, made the Nickelodeon/BBC animated series Peter Rabbit, reimagining the famous Beatrix Potter character. The company also boasts brands including Octonauts.

William Astor, who co-founded Silvergate with Waheed Alli, stepped down as chairman in December, according to the UK’s Companies House. Joe D’Ambrosia heads Sony’s kids division.

Columbia Pictures Corporation posted revenues of ￡427M in the 12 months to the end of March 2023, a decline of 8% on the previous year. Its pre-tax loss of ￡34.1M compared with a profit of ￡12.9M in 2022.

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