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MUMBAI: DreamWorks Animation SKG has confirmed that it has
entered into an agreement to acquire Classic Media for $155
million in a cash deal with its owners Boomerang Media Holdings.
Classic
Media's library of intellectual property, which is focused
on family characters and brands, features a vast collection
of filmed entertainment with over 450 titles and more than
6,100 episodes of animated and live-action programming.
It
had an operating profit of $19.2 million on $82.2 million
in revenue in the year ending 29 February.
The
company owns one of the world's largest comic book archives
and media rights to the titles in the Golden Books library,
which have sold over two billion copies worldwide. Their properties
have been distributed in over 170 territories around the globe.
It's
titles includes Casper the Friendly Ghost, Where's Waldo?,
Lassie, The Lone Ranger, George of the Jungle and Rocky &
Bullwinkle, Classic Media's properties have been a fixture
in mainstream entertainment for decades. The Christmas Classics;
Frosty the Snowman, Rudolph the Red-Nosed Reindeer and Santa
Claus is Comin' to Town are the longest-running, highest-rated
holiday specials in television history.
Classic
Media counts among its holdings contemporary bestsellers such
as VeggieTales and the beloved Olivia property, as well as
hits Postman Pat and Noddy in international markets.
"Classic
Media brings a large and diverse collection of characters
and branded assets that is extremely complementary to DreamWorks
Animation's franchise business, and we plan to leverage it
across our motion picture, television, home entertainment,
consumer products, digital, theme park and live entertainment
channels," said DreamWorks Animation CEO Jeffrey Katzenberg.
Classic
Media has approximately 80 employees and is headquartered
in New York City, with offices in the UK and a division, Big
Idea Entertainment, in Nashville, TN.
"No
company knows the family entertainment business better than
DreamWorks Animation and we are excited to join their family
in a natural extension of our long-standing relationship that
began years ago on Mr. Peabody & Sherman," said Classic
Media co-CEO Eric Ellenbogen.
"Classic
Media brings to the table extensive rights to some of the
most beloved family entertainment brands in the world. Our
combination with DreamWorks Animation will expand the opportunities
for us and for our content and distribution partners around
the globe."
Classic
Media's joint venture with Jay Ward Productions manages the
rights to the entire Jay Ward animated catalog, which includes
Rocky & Bullwinkle and Mr. Peabody & Sherman. DreamWorks
Animation's 3D feature film Mr. Peabody & Sherman is scheduled
for release on 25 December 2013.
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