Television

Pentamedia to get 49.9% Film Roman stock for $10 m in reworked deal

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After a series of modifications, Indian multimedia production firm Pentamedia Graphics Ltd and US-based animation producer Film Roman Inc. have reached agreement on a deal that gives Pentamedia a 49.9 per cent stake in Film Roman valued at $10,000,000.

Under the new terms, Pentamedia will be issued one new share of Film Roman's common stock for each $1.17 in value it receives from Pentamedia. Upon completion of the transaction, Pentamedia will own up to 49.946% of Film Roman's common stock, with an overall valuation of up to $10,000,000. The specifics of the restructured transaction are being finalised by the two companies and any necessary approvals will be sought in the near future, the release states.

In a joint statement, V Chandrasekaran, CEO of Pentamedia and John Hyde, CEO of Film Roman said: "We have restructured the agreement between us and look forward to finalising the transaction so that we can start building on the strengths of our respective companies."

Early last month the whole deal seemed threatened with Film Roman filing a complaint with the US Securities & Exchange Commission claiming Pentamedia was unable to close the transaction on terms earlier agreed by both the firms and approved by Film Roman's shareholders.

As per the earlier agreement, Pentamedia was to acquire a fully diluted 60 per cent stake of Film Roman in the form of newly issued common stock for $15 million in cash.

It was in October last year that Pentamedia last year announced a deal with Film Roman which it said would help it get better access to the US markets.

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