The total purchase price was approximately $195m.

Sony Pictures Television has announced the acquisition of independent media company Silvergate Media from the management team of Silvergate and from Shamrock Capital, a Los Angeles based investment firm. Silvergate focuses on developing, producing and licensing children’s animation with offices in both London and New York.

Silvergate will continue to be managed by CEO Waheed Alli and William Astor will continue as chairman.

Under the deal, Sony Pictures Entertainment, through a wholly-owned subsidiary, has acquired 100% of Silvergate Topco Limited, whose assets include Silvergate’s 49% interest in a joint venture with Beijing-based Wanda Group, which holds the rights to Octonauts. Additionally, SPE has acquired a minority stake in Silvergate BP Bidco Limited, which produces the Peter Rabbit television series and will continue to be majority-owned by Waheed Alli. The total purchase price was approximately $195m.

Silvergate was founded in October 2011 through the purchase of rights to two pre-school properties. Over the past several years, the company has significantly expanded its children’s IP. Silvergate also has a strong and growing presence in China, collaborating with Chinese conglomerates and effectively monetising IP with its partners.

This acquisition, alongside the announcement to expand the business of Sony Pictures Animation to include animated television series, underlines SPT’s strategy of diversifying its studio business and growing key genres.

Mike Hopkins, chairman, Sony Pictures Television, said: “We are excited to extend our capabilities and gain valuable children’s IP to bolster our entry into the kids’ space. Silvergate gives us a great building block to expand into this genre in a meaningful way.”

Waheed Alli added: “We are all excited about joining SPT and the creative teams within the SPT family. 2020 will see a new and strong development slate coming to market with some exciting new series in the pipeline.”