Sony Pictures Television has written down the value of its Silvergate Media subsidiary—which it purchased for US$195 million four years ago—by US$50.5 million. 

Parentco Columbia Pictures Corporation noted this adjustment last week in its latest financial statement, covering the period from April 2022 to March 2023. 

Silvergate is behind popular animated series like Octonauts (CBeebies), Peter Rabbit (Nickelodeon/CBeebies, pictured) and Hilda (Netflix). Sony bought the studio in 2019 as part of a strategy to expand its presence in kids animation. It was quietly rebranded as SPT—Kids in 2022 and put under the leadership of EVP and GM Joe D’Ambrosia, who delivered The Creature Cases to Netflix that same year.

Sony declined to comment on the write-down, but it reflects broader challenges in the kids TV production sector, which is grappling with budget cuts and pullback from buyers.

Kidscreen has also confirmed that William Astor stepped down from his post as Silvergate’s chairman last month. Astor co-founded the UK studio in 2011 with producer Waheed Alli.