Sky has announced a further £1 million investment in global online deal-making tool TRX.
This follows the broadcaster's initial investment of £1 million in August 2016.
This latest investment brings TRX’s total funds raised to date to £10 million. As well as Sky, investors include the Channel Four Growth Fund, angel investors (many of whom are from the Media and Finance industries) and founders, David Frank and Matthew Frank. Sky remains a minority shareholder in the business.
Over 60 international distributors, including Sky’s production and distribution business, Sky Vision, and over 300 buyers use TRX to buy and sell TV rights. The service will come out of beta-testing this autumn ahead of a full global launch.
Emma Lloyd, group director business development and strategic partnerships at Sky said: “Sky spends £6 billion annually on content. As we build a thriving production and distribution business in Sky Vision, and increase our investment in Sky Original Productions, international sales are becoming ever-more important. TRX is an exciting business for us to be invested in and we look forward to working with them as they expand globally.”
David Frank (pictured), executive chairman at TRX added: “Sky is at the vanguard of investing in disruptive start-ups in the technology and media space. We are extremely pleased that it has decided to double its financial commitment to TRX. This investment will help drive our global roll out in autumn 2017.”