Licensors DIC and Cookie Jar to merge
By Staff -- Gifts and Dec, 6/20/2008 9:42:00 AM
LOS ANGELES and TORONTO—Cookie Jar Group is purchasing licensor DIC Entertainment and its related businesses for $31.5 million, the two companies announced this morning.
Under the terms of the agreement, Cookie Jar will purchase all of the issued and outstanding equity in DIC in a transaction valued at approximately US $87.6 million. Upon closing, DIC will continue as a subsidiary of Cookie Jar, which will remain a private company.
The deal will give Cookie Jar access to the merchandising and licensing rights to such brands as American Greetings’ Strawberry Shortcake; Mommy & Me, the parent-oriented, direct-to-retail product line featured at Wal-Mart; as well as Inspector Gadget, Horseland, Cake, Madeline and Eloise, among others. Its programming library includes nearly 3,000 half hours of children’s programming with series such as Sabrina, Liberty’s Kids, Sonic The Hedgehog and Care Bears.
The purchase also includes DIC’s European subsidiary, Copyright Promotions, and DIC’s one-third interest in KidsCo, an international children’s television channel created in partnership with NBC-Universal and Corus Entertainment.
“The combination of Cookie Jar and DIC is exciting for kids and families, broadcasters and retailers around the world,” said Cookie Jar President and COO Toper Taylor. “Our combined company will be a powerhouse in children’s brands, with global reach through television, DVD, online, books, music and consumer products. We will be a more valuable partner for broadcasters, licensors and retailers with our expanded library, broad market reach, and unmatched capabilities in taking a property from creation to global broadcast, licensing, retail and promotions. In particular, we are very pleased to be reunited with American Greetings—we have an enormous amount of respect for their senior management and talent-rich organization.”
“We are thrilled to be joining forces with Cookie Jar’s highly respected team," added DIC Chairman and CEO Andy Heyward. "Our two organizations are a perfect fit, with compelling brands, strong licensing and merchandising capabilities and a commitment to quality programming that reflects the needs and aspirations of children and families around the world.”
Cookie Jar Entertainment, Cookie Jar Group's entertainment operation, currently serves as the producer, marketer and brand manager of children's properties like The Doodlebops, Caillou, Hurray For Huckle!, Johnny Test and Magi-Nation. The company’s Cookie Jar Education division is a global children's educational company that includes Carson-Dellosa Publishing, HighReach Learning and Rainbow Bridge Publishing.
The purchase is subject to approval by DIC’s shareholders and other customary approvals. It is expected to close by fall 2008.
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