ZOO Digital has announced a strategic investment in an established dubbing and localisation company (AM Group) that adds new facilities in Spain. ZOO has acquired a 30% stake in AM Group for a total consideration of €825k (c.$900k) payable in cash on completion. AM was founded in 2004 and has been a partner to ZOO since 2021. AM’s website does not disclose any major customers but the company has provided recording and mixing services for hit shows such as Fleabag (A BBC and Amazon Studios co-production). The company generated €352k PBT in FY’Dec22 and will become ZOO’s primary hub for operations in Spain and Portugal. ZOO has found success through its ‘global growth initiative’ (acquiring/partnering with in-location vendors) with ZOO Korea unlocking c.$4.5m of incremental revenue across the Group and providing a strong proof point. ZOO provides exposure to a number of megatrends within media (e.g. pivot to OTT DTC, disintermediation, globalisation of content) and is quickly establishing itself as a winner in the streaming wars.