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.
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.
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