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HIT Shareholders Okay Apax Bid

HIT Entertainment shareholders have voted to accept Apax Partners’ £489 million bid for the company, World Screen reports. Lions Gate Entertainment has been given until May 13 to make a counteroffer for HIT.

Michael J. Dolan Named Executive VP & CFO of Viacom

Michael J. Dolan has been appointed Executive Vice President and Chief Financial Officer of Viacom Inc., the company announced yesterday. He will assume his duties as CFO on May 11, 2005, reporting to Viacom Chairman and CEO Sumner M. Redstone. Mr. Dolan succeeds Richard J. Bressler, who served as CFO since March 2001. [Source: Viacom]

Cookie Jar Names Locker VP of Digital Media

Kenneth Locker has been named to the newly created post of senior VP of digital media at Cookie Jar Entertainment, World Screen reports. He will report to Cookie Jar CEO Toper Taylor.

Bidder Walks Away from HIT

HIT Entertainment says that an unidentified company—widely reported to be Classic Media—is no longer pursuing takeover talks with HIT, the Associated Press reports. Lions Gate is continuing to pursue a due diligence review.

HIT Sets Deadline for New Bids

HIT Entertainment has given Lions Gate Entertainment and another, unidentified company until May 13 to make an offer for the company, the Associated Press reports. HIT says it has provided Lions Gate with financial information and meetings with its management team. HIT has already received a $917 million takeover bid from Apax Partners and has […]

Mainframe Net Falls as Revenues Rise

Mainframe Entertainment had net earnings of $67,000 in the three months ended December 31, the company says, down from $700,000 in the same period last year. Quarterly revenues rose to $5.6 million from $2.3 million. For the nine-month period ended December 31, the company had net earnings of $600,000, compared to a $2.3 million loss […]

CritterPix Secures New Financing

CritterPix Studios has secured $2.1 million in financing for use toward making its previously announced Ollie the Otter CG-animated feature film, the company said today. [Source: Business Wire]

Nelvana Promotes European Execs

Nelvana has announced a pair of executive changes at its European arm. Emmanuele Petry has been named to oversee the company’s European Development and International Co-production division, and Lynn Chadwick has been promoted to vice president of European sales and distribution. [Source: Corus Entertainment]

Sony Completes Purchase of MGM

An investment consortium led by Sony has completed its previously announced acquisition of Metro-Goldwyn-Mayer, the companies said today. Sony will assume certain distribution responsibilities for MGM’s library of film and television properties. [Source: PR Newswire]

Classic Media Gets Cash Infusion

Spectrum Equity Investors has invested $75 million in Classic Media and arranged for a new $100 million senior debt facility, World Screen reports. The deal makes Spectrum the majority owner in Classic Media.

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