Spanish TV conglom Squirrel Media has signed a binding letter of intent to buy Mondo TV Studios.
Under the agreement, Mondo TV Studios, also based in Spain, will become part of Squirrel, which is the country’s third-largest TV operator with advertising, content and telecom companies in its holdings.
Squirrel is set to acquire 74.24% of Mondo TV Studios, which provides animation service in addition to producing and distributing original and third-party kids content. Its catalogue includes 2D-animated kids series MeteoHeroes (acquired by Cartoonito in Italy), Nina & Olga (pre-bought by RAI) and Annie & Carola (pictured, a co-pro with Spanish broadcaster RTVE). Mondo TV Studios says its branding and staff will remain intact, with CEO Maria Bonaria Fois continuing to lead the studio.
Squirrel’s business is wide-ranging (it even owns and operates an international channel dedicated to horseback riding called Horse TV) but animation is a new area for the company. Acquiring Mondo TV Studios gives Squirrel an immediate presence in the category, which offers the dual benefit of being a globally in-demand service and a continuous revenue stream, noted Squirrel Media CEO and president Pablo Pereiro Lage in a release.
As the acquisition rolls out, Squirrel will be working to synergize Mondo TV with its other businesses, which includes Madrid-based free-to-air channel NET TV and producer/distributor VĂ©rtice 360.