Metrodome Group has completed the purchase of Target Entertainment.
Under the terms of the deal, Metrodome will buy the shares of both Target's rights' businesses, including its distribution and consumer products teams, its film and entertainment production labels, Pink Sands and Target US.
As well as the immediate purchase price and working capital, Metrodome has said it will significantly invest in the company with a total spend of £3 million.
Alison Rayson, Target's founder, will remain as chief executive as well as taking a seat on Metrodome's board.
"Target's consolidation into the Metrodome Group will provide the company with more firepower for rights acquisitions and with an enhanced back office service," Rayson commented. "The two companies together will create a market leading independent rights business with a much broader offering domestically and globally."