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MediaCloud successfully sells to Telstra subsidiary
McGrathNicol’s cloud-based broadcasting platform MediaCloud has been successfully sold to a Telstra Corporation subsidiary.
Naomi Neilson
Firm: Maddocks (McGrathNicol)
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Deal: Maddocks has advised McGrathNicol partners Barry Kogan and Jonathan Henry, the administrators of cloud-based broadcasting platform MediaCloud, on its sale to Telstra Broadcast Services Pty Ltd.
Value: N/A.
Area: Technology, restructuring and insolvency.
Key players: The team was led by restructuring and insolvency partner Danielle Funston and special counsel Andrew Ng. The team also included Duncan Hall, Maree Skinner and Bernardo Wood.
Deal significance: The MediaCloud platform is used for the preparation and delivery of media content to numerous broadcasters, including SBS, for content delivery.
Ms Funston commented: “This is a restructuring that should be celebrated.
“We were able to achieve a true continuity of business, with all employees transferring to Telstra Broadcast Services Pty Limited. Service to SBS and other national broadcasters remained uninterrupted, and we were successful in securing a deal that is expected to pay unsecured creditors in full.”
