DIC IN GOLDEN DEAL CHILDREN'S PUBLISHER TARGETED.Byline: Brent Hopkins Staff Writer BURBANK - The Poky Little Puppy just got a new doghouse. DIC DIC diffuse intravascular coagulation; disseminated intravascular coagulation. DIC abbr. disseminated intravascular coagulation Disseminated intravascular coagulation (DIC) Entertainment Holdings will acquire the rights to the procrastinating pooch, announcing on Monday the intent to purchase the assets of New York-based Golden Books Family Entertainment. The sale, valued at $170 million, will transfer Golden Books' 500,000-title library, bringing well-known titles and characters like ``Pat the Bunny,'' Lassie Lassie canine star of popular film and TV series. [TV: Terrace, II, 13–15; Radio: Buxton, 135] See : Dogs and Underdog in its popular Little Golden Books series to DIC in the next 60 days. Golden Books welcomed the deal, which will provide a much-needed infusion of capital into the financially troubled firm. It declared bankruptcy in February 1999, which caused the Nasdaq to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. its stock, and is currently trading over the counter near 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive Philip Gallanes said DIC was carefully picked for its expertise in entertainment publishing. ``It's not like we'd do a deal with any ol' person,'' he said. ``They're a wonderful strategic fit and they're a great company.'' DIC's chairman and chief executive officer, Andy Heyward, said the deal would expand his company's already considerable influence in the children's entertainment sphere. It currently offers 3,000 half-hour children's programs, including ``Sabrina the Teenage Witch'' and ``Inspector Gadget.'' ``They're probably the largest children's publisher in the U.S.,'' he said. ``They're associated with classics and they've got wonderful properties. At the same time, it's a very under-exploited asset that has tremendous opportunity for growth.'' To pool the companies' joint resources, DIC will develop Golden Books' titles for video. Specific books have not been decided upon, but Heyward said perennial favorite ``Pat the Bunny'' would be a prime contender. Though its library remains strong, boasting both classic titles and contemporary favorites such as Pokemon and SpongeBob Square Pants, Golden Books has long found itself foundering in financial dire straits Noun 1. dire straits - a state of extreme distress desperate straits straits, strait, pass - a bad or difficult situation or state of affairs . Although in 1996 venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. attempted to revive the flagging firm, formerly Western Publishing, it never caught fire and has yet to revive. In its most recent quarterly filing, in November 2000, it reported net losses of $5.8 million with revenues of $34 million. To expedite the transfer, Golden Books will file for bankruptcy once again and seek court approval for the sale. Following completion of the transaction, it will return to the private sector. Day-to-day operations are not expected to be interrupted, and Gallanes expects no work force shakeup shake·up n. A thorough, often drastic reorganization, as of the personnel in a business or government. Noun 1. shakeup . The company currently employs 200 workers in its New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office, and an additional several hundred in its Indiana distribution center. ``It's a strategic deal, rather than a synergistic one,'' he said. ``It's not about headcount reduction, so we're expecting minimal layoffs.'' CAPTION(S): 2 photos Photo: (1 -- color) Juliet Moon reads to her son, Max, from ``Little Golden Book Land,'' among the titles to be acquired by DIC Entertainment. (2 -- color) The sale of New York-based Golden Books Family Entertainment will transfer Golden Books' 500,000 title library to DIC. Tina Burch/Staff Photographer |
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