In a recent development, streaming platform Recast found itself under new ownership as Content Technology Partners (CTP) acquired its assets. This move came after Recast entered administration just last month. The deal received support from Recast's founder, Andy Meikle, and garnered the backing of notable investors, including Ed Woodward, the former executive vice-chairman at Manchester United. CTP has also confirmed ongoing discussions with Recast's previous publishers.
According to reports by Sky News, some of Recast's staff members have transitioned to the new owner, while unfortunately, the majority faced redundancy. The situation leading to Recast's administration stemmed from the collapse of a financing commitment from a major investor, prompting the appointment of Interpath Advisory as administrators.
Recast's unique offering includes a free live and on-demand over-the-top (OTT) platform that allows fans to access specific content in exchange for micropayments. Over the years, Recast had been operating channels for prominent sports entities such as English soccer giants Manchester City, Italian soccer titans Inter Milan, and the Extreme E motorsport series.
Speaking about the transition, Meikle stated, "Initially, we will provide a temporary solution for key events; however, in parallel to this, we will be taking time to reflect and refine our offering to ensure that we can provide an alternative content monetisation solution in such a fragmented landscape."
Looking ahead, Recast anticipates that the platform will make a limited return, potentially as early as October 11th. This move signals a new chapter for Recast, with CTP at the helm, as they work to reshape their presence in the streaming industry.