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Entertainment One considers selling business
[Wed 14/09/2011 05:42:15]
By Brendan Swift
Global distributor Entertainment One is considering selling its business after receiving interest from other parties.
The news comes just months after Entertainment One announced the acquisition of local distributor Hopscotch for £12.9 million ($20.07 million).
Entertainment One released a statement, following press reports, which said it is “considering its strategic options, which may include a sale of the company in response to interest it has received from various parties”. It has appointed advisers J.P.Morgan and Credit Suisse to co-ordinate a review.
Press reports have suggested that several private equity firms have expressed interest in the company, which distributed The Twilight series and has also had recent success with its Peppa Pig series and toys aimed at pre-schoolers.
Entertainment One recently announced a 20.4 per cent rise in underlying earnings before interest, tax, depreciation and amortisation (from continuing operations) to £42.5 million for the year ended March 31, 2011.
Hopscotch’s former owners: Troy Lum, Frank Cox and Sandie Don, were issued more than 4.1 million shares in Entertainment One and approximately £6.45 million in cash as part of the acquisition.
Entertainment One shares surged more than 15 per cent in early trading after the announcement.
