Chorion Limited Explained

Chorion Limited
Type:Private
Fate:Split up, assets sold off
Successor:Sony Pictures Television Kids
Num Employees:150+

Chorion Limited[1] was a multinational media production company with offices in London, New York, and Sydney. The company produced TV shows and feature films, and was best known for its portfolio of entertainment brands. These included children's characters such as Paddington Bear, Peter Rabbit, The Mr. Men Show, The Very Hungry Caterpillar, Olivia,[2] Gaspard and Lisa and Noddy. The company also owned the rights to the Agatha Christie Estate (including the Miss Marple and Poirot characters), Raymond Chandler,[3] and Georges Simenon.

Chorion existed initially as a diversified entertainment company, with a portfolio of Intellectual Property (IP) rights, live entertainment venues and commercial real estate. From 2002 onwards, the business was refocused towards heritage IP Rights management and media production.

History

1995–1998: Beginnings

In 1994, the Burford Group purchased the London Trocadero entertainment complex in Piccadilly Circus, London for £94 million[4] Nick Leslau and Nigel Wray, the operators of the complex, branched off on their own and separated the Trocadero's operations as a stand-alone company in 1995, called Trocadero PLC.

In January 1996, Trocadero PLC acquired Darrell Waters Ltd., the holding company for the estate of children's author Enid Blyton for £14.6 million. They soon formed a new subsidiary - Enid Blyton Ltd. to handle all intellectual properties, character brands, and media in Blyton's works.[5]

1998-2002: Rebranding as Chorion

On 4 April 1998, Trocadero PLC was renamed as Chorion PLC, and under its new structure, both divisions of the company had expanded. The Bars & Nightclubs division acquired the London-based Oxygen, Zoo Bar/Venom, and Bar Madrid Nightclubs from Luminar PLC[6] With their first nightclubs under their ownership, Chorion opened Tiger Tiger nightclub on London's Haymarket in late 1998. Tiger Tiger was the flagship of the company's nightclubs, with additional venues planned from 1999 onwards.[7]

For Chorion's IP division, the company's first step into becoming the media production company it ultimately became came in June 1998, when Chorion acquired the rights to the Agatha Christie literary estate,[8] with a vision of reviving the crime brand through new TV production and exporting the property to the United States, and soon afterward purchased the literary estate of Georges Simenon.

Despite the success of these nightclubs, it became increasingly clear that Chorion's business was made up of two very different divisions: a media production and rights ownership division, and an entertainment venue division. Analysts frequently cautioned that the company would not unlock its full value until these two businesses were demerged.[9] [10]

In February 2000, Chorion sold its ownership of the loss-making Trocadero Centre back to its previous owner, Burford Holdings. Later that year, in May 2000, the management announced during an Annual General Meeting their intention to demerge the nightclub and venue business from the media business.[11]

In March 2001, the split of the entertainment division was delayed.[12] By April 2001, Chorion's nightclub and venue division included nine London-based clubs, and three Tiger Tiger venues in London, Manchester and Bermingham, with additional branches in Portsmouth, Croydon and Leeds following on later in the year.[13] and continued to purchase more venues.[14]

2002-2006: Split of Nightclub division, growth

On 17 May 2002, Chorion officially demerged its nightclub and venue division as a separately-operated public company named Urbium PLC.[15] [16] New Chorion PLC, which was formed to take over the IP division, effectively became the new Chorion PLC and was renamed as such within the same month.[17] With the company focused solely on media production, Chorion began a period of expansion driven by the acquisition of new literary properties and the development of new TV and film properties to unlock their value. The first steps in this new direction included a series of management changes that placed experienced executives from the world of television at the helm of the company. At the end of the month, the company purchased the literacy estate of Nicolas Freeling.[18]

On 4 December 2002, Chief Executive Nick Tamblyn announced his immediate resignation.[19] Waheed Alli joined the company as a Non-Executive Deputy Chairman.[20] Just a few months later, in April 2003, he stepped up to the position of chairman.[21] The company put up its children's assets for sale in November 2002[22] but ultimately decided to keep them.

During this period, Chorion produced various new TV productions. In May 2002, Britain's Channel Five announced that it had bought 100 episodes of a new animated television series based on Enid Blyton's Noddy,[23] with the show Make Way For Noddy airing in September of that year.[24] In November 2002, the company announced a four-year deal with major British television network ITV to produce a few feature-length TV dramas based on the Agatha Christie novels.[25] These began to broadcast on-air at the end of 2003.[26] During this period, development and production also began on an animated cartoon series based on The Famous Five[27] in collaboration with Disney Channel in France.[28] The range of newly developed TV shows began to expand internationally, with Noddy becoming the most recognised children's character in France in 2003 and sold to Chinese publishers in 2004,[29] and airing in the US on PBS Kids in 2005.[30]

As well as the commission and launch of various new TV productions, the period immediately following Waheed Alli's elevation to the Chairmanship was marked by a series of high-profile acquisitions of new properties. In April 2004, after several months of negotiations,[31] Chorion acquired the distribution rights to the Roger Hargreaves Mr. Men series for £28 million.[32] This acquisition was followed up in May 2005 with total ownership of the Hargreaves estate and the rights to produce new TV series.

In July 2005, Chorion made a major step towards becoming an international business when it bought UK-based[33] Silver Lining Productions.[34] Along with an office in New York City,[35] this acquisition gave Chorion ownership of the media and merchandise rights to The Very Hungry Caterpillar by Eric Carle, Olivia by Ian Falconer, and Max & Ruby and Timothy Goes To School, both by Rosemary Wells.

2006–2011: Take-private and international expansion

In early 2006, Alli led a management buyout of the company[36] backed by private equity firm 3i Group Plc.[37] In May 2006, this process was completed when Chorion delisted from the AIM exchange to become a private limited company.[38] [39]

Waheed Alli served as chief executive officer and Executive Chairman, and pursued a strategy of developing and launching one new children's property every year.[40] This development strategy included the launch of a new series of Noddy in 2007, an animated version of the Mr. Men in 2008, the US launch of Olivia in 2009, the British launch of The Octonauts in 2010, Gaspard and Lisa in 2011 and a new animated version of Beatrix Potter's Peter Rabbit in 2012. This production was a joint venture with US broadcaster Nickelodeon and British publisher Frederick Warne & Co, part of the Penguin Group.

The launch of The Octonauts represented a big hit for the company, achieving on-air ratings for the show as number one in the key demographic of boys aged 4 to 6.[41] Chorion announced in 2010 that they had signed international toy makers Fisher Price as the master toy partner for the brand, with a full toy line launching in the UK in August 2011.[42]

The development of a new series of Peter Rabbit was made possible by Chorion's acquisition in November 2007 of the Copyrights Group, a competing intellectual property management company who managed the licensing and merchandising rights to the Beatrix Potter series, owned by Frederick Warne, part of the Penguin Group. The company also owned the rights to Paddington Bear, and managed Spot the Dog by Eric Hill, The Snowman by Raymond Briggs, and The Horrible Histories book series.

2011–2012: Sale of assets

On 24 August 2011, chairman and CEO Waheed Alli along with Deputy Chairman William Astor announced to the company that they would be resigning their positions[43] following the failure of the company's lenders to reach an agreement to restructure Chorion's debt burdens.[44] Shortly thereafter, private equity owners 3i began a process to sell Chorion's assets:

List of unlicensed productions

Children's estate

Literary estates

List of productions

Children's estate

Literary estates

External links

Notes and References

  1. Web site: 2002-02-27 . CHORION LIMITED overview - Find and update company information - GOV.UK . 2023-09-01 . . en.
  2. Web site: AWN . Nickelodeon & Chorion To Bring Olivia Book Series to TV . Animation World Network. 17 April 2007 . 17 October 2011.
  3. News: Chris Tryhorn, City correspondent . Chorion buys Chandler rights . The Guardian . UK . 17 October 2011 . 10 February 2005.
  4. Web site: Trocadero for sale at £210 million . https://web.archive.org/web/20210303211716/https://www.standard.co.uk/hp/front/trocadero-for-sale-at-aps210-million-7170560.html . 3 March 2021 . 13 April 2012 .
  5. https://www.independent.co.uk/news/noddy-and-big-ears-take-on-mickey-mouse-as-enid-blyton-goes-global-1244723.html
  6. News: Urbium PLC – page 2 | International Directory of Company Histories . Findarticles.com . 17 October 2011 . 2004.
  7. News: Chorion | Business . The Guardian . UK . 17 October 2011 . 8 September 1999.
  8. Web site: de beste bron van informatie over biographicon. Deze website is te koop! . biographicon.com . 17 October 2011 . dead . https://web.archive.org/web/20111003163654/http://www.biographicon.com/view/mopyh . 3 October 2011 . dmy-all .
  9. News: Andrew Clark . At this price? Chorion | Business . The Guardian . UK . 17 October 2011 . 5 January 2001.
  10. News: Andrew Clark . At this price? Chorion | Business . The Guardian . UK . 17 October 2011 . 19 October 2000.
  11. News: Article: Chorion plans demerger to improve performance.(Brief Article) | AccessMyLibrary – Promoting library advocacy . AccessMyLibrary . 1 June 2000 . 17 October 2011.
  12. News: Chorion demerger delayed while hunt is on for book deals – Business News, Business . The Independent . UK . 20 March 2001 . 17 October 2011.
  13. Web site: Chorion PLC - Bars & Nightclubs . https://web.archive.org/web/20010406012622/http://www.chorion.co.uk/bars.html . 6 April 2001 .
  14. Web site: Chorion buys Sugar Reef and Red Cube . 28 June 2001 .
  15. Web site: Urbium PLC: Information from . Answers.com . 17 October 2011.
  16. Web site: LONDON PAVILION LIMITED overview - Find and update company information - GOV.UK .
  17. Web site: CHORION LIMITED overview - Find and update company information - GOV.UK .
  18. https://web.archive.org/web/20030415073437/http://66.84.27.8/release/pressreleases/NF250502.pdf
  19. Web site: Welcome to the new mad.co.uk. Mad . 17 October 2011 . dead . https://archive.today/20120721203458/http://technologyweekly.mad.co.uk/Main/Home/Articles/4a445b920b2145908f0297a797bfc9e3/Chorion-shakes-up-top-level-management.html . 21 July 2012 . dmy-all .
  20. News: Owen Gibson . Lord Alli teams up with Noddy. The Guardian . UK . 17 October 2011 . 4 December 2002.
  21. News: Finance . Hands off Noddy! . The Telegraph. 17 October 2011 . London . 14 December 2003.
  22. https://citywire.com/wealth-manager/news/chorion-warns-and-puts-noddy-up-for-sale/a243600
  23. News: TV AND RADIO | Noddy to make TV return . BBC News . 14 May 2002 . 17 October 2011.
  24. News: Five in deal with Chorion over Blyton rights – Business News, Business . The Independent . UK . 17 September 2003 . 17 October 2011.
  25. News: Owen Gibson . Lord Alli teams up with Noddy. The Guardian . UK . 17 October 2011 . 4 December 2002.
  26. Web site: Chorion tracks down TV sleuth deals. https://archive.today/20120912223548/http://www.thisislondon.co.uk/news/article-6589452-chorion-tracks-down-tv-sleuth-deals.do. 12 September 2012 . Evening Standard . 13 April 2012 . London . 21 December 2021 .
  27. News: Stephen Brook . Famous Five make TV comeback . The Guardian . UK . 17 October 2011 . 26 May 2005.
  28. News: Back for more jolly japes: the return of the Famous Five – Media, News . The Independent . UK . 5 December 2006 . 17 October 2011.
  29. News: Noddy motors into Chinese market . BBC News . 15 March 2004 . 17 October 2011.
  30. Web site: (PRN) New Make Way for Noddy(TM) Episodes Premiering This Fall on PBS KIDS(R) . Chron . 21 December 2021 . 11 September 2006.
  31. News: Chorion wants to be Mr Quick . The Guardian . UK . 17 October 2011 . 16 December 2003.
  32. Web site: Mr Men join Chorion in £28m deal. Evening Standard . London . 21 October 2011 . https://web.archive.org/web/20110623191422/http://www.thisislondon.co.uk/news/article-10527143-mr-men-join-chorion-in-16328m-deal.do . 23 June 2011 . dmy-all .
  33. News: Silver Lining Productions Limited . Duedil . 18 October 2011 . 18 October 2011.
  34. News: Business | Noddy embarks on global adventure . BBC News . 21 September 2009 . 17 October 2011.
  35. News: Cosima Marriner . Chorion buys caterpillar for US drive | Business . The Guardian . UK . 17 October 2011 . 26 July 2005.
  36. Web site: Lord Waheed Alli . X Media Lab . 17 October 2011 . dead . https://web.archive.org/web/20110928041241/http://www.xmedialab.com/mentor/lord-waheed-alli . 28 September 2011 . dmy-all .
  37. News: Chris Tryhorn . Chorion agrees £111m buyout . The Guardian . UK . 17 October 2011 . 23 February 2006.
  38. Web site: Chorion | Company Profile by . Licensing.biz . 17 October 2011 . https://web.archive.org/web/20111005091649/http://www.licensing.biz/company-profiles/6/Chorion . 5 October 2011 . dead .
  39. Web site: Chorion Limited: Private Company Information – BusinessWeek . https://web.archive.org/web/20090213140320/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=880274 . dead . 13 February 2009 . Investing.businessweek.com . 17 October 2011.
  40. Web site: CHORION: International Brand Strategy Drives 35% Revenue Growth, Profits Up 63% . Business Wire . 21 September 2009 . 17 October 2011.
  41. Web site: Book Trade Announcements – Simon & Schuster Releases Full-Colour Ebooks Across Biggest Picture Book Brands . booktrade.info . 9 August 2011 . 17 October 2011 . https://web.archive.org/web/20111002131636/http://www.booktrade.info/index.php/showarticle/35229 . 2 October 2011 . dead .
  42. Web site: Licensing . Chorion Licenses Octonauts to Fisher-Price . Animation Magazine . 27 January 2010 . 17 October 2011.
  43. News: Mark Sweney . Lord Alli to quit Mr Men owner Chorion | Media . The Guardian . UK . 17 October 2011 . 25 August 2011.
  44. Web site: Edgecliffe . Andrew . Astor and Alli to quit Mr Men manager . Financial Times . 25 August 2011 . 17 October 2011.
  45. News: Chorion sells rights to The World of Beatrix Potter and The Octonauts . 22 September 2011 . . John Plunkett . 2017-03-06.
  46. http://www.licensemag.com/license-global/copyrights-group-splits-chorion
  47. Web site: StudioCanal Acquires Paddington Bear Intellectual Rights. 20 June 2016.
  48. News: Mark Sweney . Mr Men bought by Hello Kitty owner . The Guardian . UK . 6 December 2011.
  49. News: Sweney . Mark . Acorn Media buys stake in Agatha Christie estate . The Guardian. 29 February 2012 . 16 March 2012.
  50. News: Kemp . Stuart . U.S. Group Classic Media Grabs Rights to Iconic British Creation Noddy From Chorion . The Hollywood Reporter . 7 March 2012.
  51. News: Rusak . Gary . Classic Media acquires Noddy . Kidscreen . 8 March 2012.
  52. News: Williams . Charlotte . Rights House and PFD snap up crime estates . The Bookseller . 15 March 2012.
  53. Web site: Hachette snaps up Blyton estate | the Bookseller.
  54. Web site: Nelvana acquires Max & Ruby.

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