UPDATE: Legendary Acquires Asylum Entertainment For More Than $100 Million

By | Tuesday December 10, 2013 @ 3:00pm PST
Nellie Andreeva

UPDATE TUESDAY: While no side is discussing finlegendaryancials, I’ve learned more about the size of the deal, in which Legendary Entertainment acquired Asylum. I hear that Legendary ended up paying about eight times what Asylum is projected to make in terms of profits in 2014, which comes to a price tag just north of $100 million. Asylum is set to clear $12-$13 million next year, about three times what the company made in profits this year, as its balance sheet will asylumlogobe bolstered by the one-year output deal Asylum recently inked with ReelzChannel to deliver 50 hours of unscripted programming for the network in 2014, distributed over 10 series. While 8x multiple is within the range for a high-end deal, I hear Asylum’s decision to go with Legendary vs. the other suitors bidding for it came down to the plans Legendary had for the company’s future. In anticipation of the sale, Asylum has been aggressively staffing up in the last couple of months, hiring Stephanie Lydecker as SVP of Development to oversee unscripted development and Joan Harrison as SVP Scripted Programming & Development to oversee miniseries and limited series, as well as signing a pod deal with reality producer Sean Travis.

PREVIOUS MONDAY: In its first company acquisition on the TV side, in a competitive situation Legendary Entertainment has bought 100% of TV production company Asylum Entertainment, producer of The Kennedys miniseries. Asylum will be part of Legendary Television & Digital Media. While Legendary Television will remains focused on producing Legendary-branded scripted content, Asylum will serve as a production label for non-scripted, long-form, sports and other genres. Asylum will continue to operate as an independent company run by its founders, president and CEO Steve Michaels and president and chief creative officer Jonathan Koch, who will report to Bruce Rosenblum, President of Legendary Television and Digital Media. Read More »

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Unscripted Producer Sean Travis Sets Up Shop At Asylum Entertainment

By | Friday November 22, 2013 @ 5:13pm PST

EXCLUSIVE: Veteran reality producer Sean Travis has inked a pod deal with Asylum Entertainment. Under the pact, he will produce his own shows. Travis’ unscripted credits include MTV’s The Real World, ABC’s The Mole and Celebrity Mole, WB’s … Read More »

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ReelzChannel Inks Output Deal With Asylum For Unscripted Programming

By | Wednesday October 23, 2013 @ 11:00am PDT

ReelzChannel and Asylum Entertainment are expanding their relationship that dates back to the Asylum-produced miniseries The Kennedys, which put the network on the map with 10 Emmy nominations and four wins in 2011. Now the pair have signed … Read More »

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Stephanie Lydecker Joins Asylum As SVP Development

By | Tuesday September 17, 2013 @ 9:34am PDT

Reality TV veteran Stephanie Lydecker has been named SVP of Development for Asylum Entertainment. In her new role, Lydecker will oversee unscripted development for Asylum and will also develop for the company’s scripted business. Lydecker … Read More »

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