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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.

OMSI, Cartoon Network Announce Traveling Animation Museum

The Oregon Museum of Science and Industry (OMSI) and Cartoon Network will partner to produce an international touring exhibit to illustrate the art of animation, the organizations said today. Animation will be a 6,000-square-foot, highly interactive traveling exhibition bringing together art, math, science, and technology to illustrate the world of animation. It will showcase cartoon […]

Classic Media Joins Hunt for HIT

Lions Gate Entertainment and Classic Media have approached HIT Entertainment with unsolicited takeover offers, according to New Ratings. HIT says that the offers are preliminary and there is no assurance that either company will make an offer. HIT has already agreed to be purchased by Apax Partners and has given its shareholders three weeks to […]

Two Suitors Circling HIT

HIT Entertainment may be the target of two unsolicited takeover bids, the Associated Press reports. The producer of Barney and Bob the Builder says that Lions Gate Entertainment and another, unidentified company have expressed a tentative interest in purchasing the company. The interest comes shortly after HIT agreed to be purchased by Apax Partners, a […]

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