Asia Satellite Telecommunications (AsiaSat), a leading satellite operator, has entered the content distribution market with the acquisition of Hong Kong- and United Kingdom-based TV distributor Lightning International.

AsiaSat described the diversification as “a strategic move to expand the company’s services and extend its clients’ reach to global audiences through traditional and new distribution platforms, including OTT and FAST.”

AsiaSat is known to be acquiring 100 percent of Lightning International, but no other terms of the transaction have been disclosed.

The announcement was made on the first day of the AVIA conference in Hong Kong, as well as the second day of the Shanghai International Television Festival.

Lightning, which was founded 12 years ago, represents media owners and producers and now handles TV channel and program content distribution. Action Hollywood Movies, Docsville, GB News, Kartoon Channel!, Liverpool’s LFC TV, Pet Club TV, Pulse TV, TRACE Urban, TRACE Sports Stars, TRACE Latina, TRACE Caribbean, and the classic pop music channels NOW 70s, 80s, and 90s are currently represented. It also licenses a library of completed shows and formats.

Based in Hong Kong AsiaSat maintains a fleet of six broadcast, telecommunications, and data satellites. In 2019, the company was delisted from the Hong Kong Stock Exchange with a market capitalization of approximately HK$2 billion ($260 million). Since going private, the company has evolved into an indirect joint venture between CITIC Limited, a conglomerate ultimately owned by the Chinese government, and Carlyle Group, a leading financial services corporation in the United States.

“Combining Lightning’s expertise in content distribution with AsiaSat’s all-embracing satellite and IP-based distribution capabilities will enable both companies to deliver customized solutions including content aggregation and playout, channel distribution, and affiliate management,” the companies explained in a statement.

“I am excited to announce this investment in Lightning to strengthen AsiaSat’s capabilities in channel distribution and provide customers with end-to-end B2B and B2C media solutions,” said Roger Tong, AsiaSat CEO.

“We are thrilled to join forces with AsiaSat and bring our experience in TV content distribution and solutions into the company,” said James Ross, founder, and CEO of Lightning.