Beyond International Limited has acquired 100 per cent of Force Media Entertainment Pty Limited as a result of purchasing the remaining 49% issued share capital from interests associated with Tony Romeo, the Managing Director of the Company.
Force Media Entertainment distributes a range of television and film titles on DVD in Australia and New Zealand
The terms of the acquisition meets the valuation criteria set by Beyond’s board of directors and is earnings per share accretive. The cash consideration is payable in three installments over the next six months.
Since the company was established in September 2006 revenues of the Force business have grown from $6 million to a projected $9 million in the 2008 financial year.
Force will continue to exploit its own substantial catalogue of acquired DVD product, as well as the home entertainment rights to Beyond’s catalogue of television programs. This exploitation will gradually gravitate from DVD to digital delivery direct to the consumer.
Force Media Entertainment Pty Limited will change its name to Beyond Home Entertainment Pty Ltd to align it to the Beyond brand.
Beyond International Limited, listed on the ASX, was established in 1984 and has emerged as a major international entertainment company, involved in the creation and distribution of television, feature films and ancillary products.
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