20th Jan 2014 08:51
LONDON (Alliance News) - DQ Entertainment PLC Monday said Method Animation, in which it has a 20% equity stake, is reorganising, joining with two other French entertainment companies under a single holding company.
Under the reorganisation, animation and film production company Method has joined with Onyx Films and Chapter 2 under a new holding company called On Entertainment Group. The combination gives the company greater scale, with revenues of EUR34 million and an operating profit of about EUR5.2 million.
On Entertainment has raised EUR10 million for a consortium of investors. One of the investors, AB Group, is one of France's biggest rights brokers and the owner of 14 pay-TV channels. It has provided minimum guarantees for future TV series.
DQ Entertainment said it will continue to hold a 20% stake in Method.
Its shares were down 2.3% at 22.2193 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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