A big media company now files an unexpected bankruptcy despite having popular award winning shows on Nickelodeon.
Factory Transmedia, a British media company, won a 2024 Emmy for its Nickelodeon Jr. show, “The Tiny Chef Show.”
The company was also nominated for an Emmy for its preschool animated series “Slumberkins.”
However, that level of success was not enough to sustain the company and keep it financially viable, reports TheStreet.
Factory Transmedia is shutting down after being placed into what’s called a ‘creditor’s voluntary liquidation’.
In the United Kingdom, “that means that the company is insolvent and no longer has the funds to pay its liabilities,” Cartoon Brew reported.
Factory Transmedia blamed market conditions for its demise in a media statement:
“Over the last 12 months the number of projects being green-lit by broadcasters around the world has been severely cut as the global economy and audience behaviors have changed markedly; these challenging market conditions were a significant factor in the insolvency of the business.”
Factory Transmedia had been a player in the United Kingdom animation space for more than 20 years.
It was involved in a high-profile reboot of “The Clangers,” a popular show launched in 1969 which the company helped bring back in 2015.
“The company was considered to be an animation success story for the Greater Manchester area and had opened a new studio facility as recently as 2017 to accommodate its growing production slate,” according to Cartoon Brew.
At peak periods of production, it employed more than 100 people.
Clients included Disney, Nick Jr., CBBC, and CBeebies.
“Its demise was sudden, and the company won’t be making a comeback,” reports TheStreet.
JPS Chartered Surveyors has been appointed to help sell off the company’s assets through an online auction.
That’s a somewhat morbid affair which will include selling the company puppets used for the Newzoids satirical sketch show which ran on ITV in 2015 and 2016, as well as its studio equipment, according to a BBC report.
No update has been shared about what will happen to the shows that Factory Transmedia has that are currently in production.
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Also Read: Three Massive Bank Branches Are Now Closing in California
Other Economy News Today
A giant US company now declares an unexpected bankruptcy, resulting in the closure of two of its subsidiaries and mass layoffs.
Major shipping company Universal Logistics Holdings (ULH) will permanently close two of its subsidiaries and lay off 677 employees, notices filed with the State of Michigan said, according to FreightWaves.
The Warren, Michigan company’s subsidiary Universal Dedicated of Detroit will close and lay off 230 truck drivers, while Logistics Insights Corp. will shutter and lay off a total of 447 workers, including 164 warehouse workers, 212 forklift operators, 26 dock workers and 45 clerical employees.
Universal Logistics gave no reason for shutting down the two subsidiaries, reports TheStreet.
Logistics Insights provides value-added logistics solutions to the automotive, aerospace, manufacturing and retail industries, as well as dedicated truckload, expedited and freight forwarding services to customers throughout North America, according to the Universal Logistics website.
Universal Dedicated of Detroit operates an auto parts warehousing and logistics facility. Both subsidiaries are based in Detroit.
Parent company Universal Logistics Holdings, whose subsidiaries employ about 10,000 workers in total, is a holding company which owns subsidiaries that provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico, Canada and Colombia.
Its subsidiaries offer a broad array of supply chain services, including truckload, brokerage, intermodal, dedicated and value-added services.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
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