Australian animation studio, Flying Bark Productions’ parent company, EM.Sport Media AG (formerly EM Entertainment) has finally reached a sale agreement with Belgian company, Studio 100 for the sale of its entertainment division.
In a press release, EM.Sport Media said that the agreement was signed between the two companies on Wednesday night (May 28).
The entertainment division was for sale at ï¿½41mil (AUD$66mil) on a “cash free and debt free basis”. However, the final sale price remains subject to alteration in line with changes to net working capital until finalisation of the transaction, which would be likely to have a positive impact on the sale price.
EM.Sport Media will also retain future proceeds from claims against the insolvency administrator of KirchMedia GmbH & Co. KG a.A. i.l. amounting to around AUD$4mil to $6.5mil. The net proceeds in excess of the fair market value of around 40 million Euro determined by the revaluation of the Entertainment Segment in January 2008.
However, the transaction remains subject to the approval of the antitrust authorities in Germany and Austria, as well as the Bavarian Regulatory Authority for Commercial Broadcasting (BLM) and the Commission on Concentration in the Media (KEK).
It was reported at Inside Film early May that Indian conglomerate Zee Group had also made a bid for EM.Sport Media’s entertainment division that was originally up for AUD$104mil inclusive of debts.
EM.Sport Media’s distribution library includes animated children’s programmes Zigby from Greenpatch Productions; Staines Down Drains from Flying Bark Productions; and Zeke’s Pad, produced by My Pad Prods. Inc., a partnership between Bardel Ent., Leaping Lizard Prods. Inc. and Avrill Stark Entertainment Pty. Ltd, a division of Flying Bark Productions.