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MUMBAI: The Warner Bros. Television Group (WBTVG) has signed
a deal to acquire Alloy Entertainment from an investor group
led by ZelnickMedia co-founder Strauss Zelnick.
The
deal brings together the industry's leading television production
company in WBTVG with the leading producer of youth-oriented
content for all media in Alloy Entertainment.
The closing of the transaction is subject to customary conditions
and is expected to occur in the third calendar quarter. Even
though the financials were not disclosed, the value is estimated
to be in the region of $100 million.
Leslie
Morgenstein, who has served as president of Alloy Entertainment
and its predecessor, 17th Street Productions, Inc, since 1999
overseeing the company's operations, strategy and creative
mission, will stay on to run the company within WBTVG.
Alloy
Entertainment and WBTVG have already collaborated for TV shows
and movies with five of Alloy Entertainment's properties (Gossip
Girl, The Vampire Diaries, Pretty Little Liars, Lying Game
and the upcoming 666 Park Avenue) currently being produced
and distributed by WBTVG all of which started as high-quality
successful book franchises aimed at teen girls and young women.
In
addition, Alloy Entertainment properties have also been produced
for the big screen including Warner Bros Pictures' two "Sisterhood
of the Traveling Pants" films and Warner Premiere's "The
Clique."
"We
are pleased to announce a transaction that will deliver significant
value to WBTVG and allow Alloy Entertainment to continue to
realize its potential as a leading entertainment content provider,"
commented Zelnick.
ZelnickMedia
will continue to run the remaining businesses of Alloy including
Alloy Digital, Alloy Education, and Channel One, the television
news network for teens.
Alloy
Entertainment will continue to collaborate on production and
distribution of original digital programming with former sister
division, Alloy Digital. Together, the companies have launched
six original web series, including the award-winning "Dating
Rules From My Future Self," which premieres its second
season in August 2012.
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