17th Jul 2014 07:47
LONDON (Alliance News) - Entertainment One Ltd said Thursday it has agreed to acquire Vancouver-based independent television producer Paperny Entertainment for a total consideration of CAD29.2 million in cash and shares.
Entertainment One will pay a total of CAD14.5 million in cash and issue 2.6 million new shares for the acquisition from Paperny's founders.
Paperny, which also has operations in Toronto and New York, focuses on non-scripted documentaries, such as 'Chow Masters', 'Cold Water Cowboys' and 'Yukon Gold'.
Entertainment One said that the acquisition would expand its non-scripted and factual production slate, as well as providing a platform for further initiatives in non-scripted television programming across the North American market.
Paperney posted revenue of CAS17.6 million in 2013, with unaudited gross assets of CAD20.3 million.
Entertainment One expects to complete the acquisition on or around July 31. Paperny founders David Paperny and Audrey Mehler and Executive Vice President Cal Shumiatcher will remain with the business following completion.
"As part of our enlarged TV business, we look forward to continuing that development and realising further international distribution opportunities across the eOne Group," said Chief Executive Darren Throop in a statement.
Shares in Entertainment One were trading down 0.5% at 313.40 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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