Golden Purchase Brings DIC Characters, Distribution.
DIC Entertainment's proposed purchase of Golden Books Family Entertainment for about $170 million in cash and assumed liabilities represents only the latest move made by an animation house to strengthen itself in an increasingly difficult environment in which to remain independent. The purchase would bring DIC an array of more than 500,000 titles and characters such as Pat the Bunny, Poky Little Puppy, Underdog and Lassie, among others, as well as Golden Books' extensive distribution network.
At Licensing Show, executives of both companies declined comment about their plans. However, DIC Chairman-CEO Andy Hayward is quoted in one report as planning an initial TV show based on Pat the Bunny.
Under terms of the deal, Golden Books has filed for bankruptcy as a prelude to the proposed sale. During the bankruptcy proceeding, other prospective purchasers have the opportunity to swoop in with a higher bid. Assuming that doesn't happen, the sale is expected to close within 60 days, the companies say.
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|Title Annotation:||DIC Entertainment may acquire Golden Books Family Entertainment|
|Comment:||Golden Purchase Brings DIC Characters, Distribution.(DIC Entertainment may acquire Golden Books Family Entertainment)|
|Article Type:||Brief Article|
|Date:||Jun 18, 2001|
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