Sky invests another £1m in TRX

UK satellite broadcaster Sky has invested another £1 million (€1.1 million) in rights trading platform TRX.

Sky was one of a number of companies and private investors who were part of a £5.2 million funding round in August last year, and has now increased its minority stake.

TRX is a UK-based digital distribution platform designed to make programme rights deals easier for international players.

Former Zodiak Media bosses David and Matthew Frank launched the business in 2015 and remain shareholders, and Sky now has £2 million worth of shares.

“Sky is at the vanguard of investing in disruptive start-ups in the technology and media space,” said David Frank, TRX’s executive chairman.

“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.”

TRX is currently in a beta testing phase. It has 60 international distributors and more than 300 buyers are signed up.

Sky sees TRX as a key route to increasing distribution of its expanding roster of original programmes, many of which are at the higher end of the spending spectrum.

“Sky spends £6 billion annually on content,” said Sky’s group director of business development and strategic partnerships, Emma Lloyd.

“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.”

TRX’s investors include the Channel 4 Growth Fund and a number of angel investors.