Argonon Acquires Video Agency Nemorin; ‘The Masked Singer UK’ Producer’s Revenue Surges 22% To $90M12/07/2020
Argonon has announced that it has acquired UK-based video agency Nemorin Film & Video after the production group behind The Masked Singer UK posted a 22% surge in revenue.
Argonon has bought Nemorin as part of a push into branded entertainment, with the company’s clients including Hugo Boss, McDonald’s, and Amazon. The financial terms of the deal were not disclosed.
Argonon described Nemorin as one of the UK’s fastest-growing branded content agencies after it was founded in 2014. The company filed abridged earnings for last year, meaning its revenue is likely to be under £10.2M ($13.6M).
Argonon CEO James Burstall said: “The acquisition of Nemorin will power our ambitions in branded entertainment, supercharge our focus in digital growth markets and generate opportunities to both maximise and develop IP.”
The takeover was announced just days after Argonon filed its earnings for 2019. The accounts showed that Argonon’s revenue increased by nearly a quarter to £66.9M ($90M), £30.4M of which was from the U.S., where label Leopard USA makes HGTV’s House Hunters International.
Argonon’s pre-tax loss widened 245% to £840,950, while its preferred measure of profit — operating profit — stood at £4.1M, which was nearly double the £2.3M posted in 2018, according to earnings filed at Companies House. Argonon’s highest-paid director’s remuneration was up 40% to £650,109.
Read More About:
Source: Read Full Article