On Thursday, October 30, 2003, U.S. Bankruptcy Judge John H. Squires approved Classic Medias purchase of Big Idea Productions for $19.3 million. In August, Classic Media made public its plans to purchase the VEGGIE TALES producer for $7.5 million as the troubled firm filed for bankruptcy. As part of U.S. bankruptcy law, assets of Big Idea had to be put up for auction to allow the companys creditors the best chance of recouping funds.
Cinesite (Europe) Ltd. will be in Los Angeles to recruit artists on Nov. 6-7, 2003 for some of its upcoming vfx projects. Recruiters will be based at Loews Santa Monica Beach Hotel, and interested applicants are invited to meet with them to discuss professional opportunities in London. Please email email@example.com with resumes. Cinesite will also be holding open recruitment on Nov. 6 at 6:00 pm.
An investor group comprised of Michael Hirsh, Toper Taylor and TD Capital Canadian Private Equity Partners signed a definitive agreement Oct. 30, 2003 to acquire all of the outstanding multiple and limited voting shares of CINAR Corp. for $143.9 million in cash by way of a plan of arrangement.
Sternworld Creative Management, a new management firm described by its founder as the "William Morris" of creative services," has opened in Venice, California to represents a broad array of clients, including entertainment marketing, advertising, promotion and design firms. Sternworld also represents international marketing specialists, music composers and producers, and a visual effects and specialty production company.
Lions Gate Entertainment Corp. has agreed to acquire Artisan Entertainment Inc. for $160 million cash, plus the assumption of $40 million in debt, thus creating a company with more than 8,000 entertainment titles.
A Lions Gate spokesman said the acquisition includes the assumption of about $40 million in debt, putting the total value of the deal at slightly above $200 million, plus performance-based compensation.
Toronto-based Comet Ent. has opened Vitamin Cartoons Inc., an animation services division to provide high quality pre- and post-production services. Vitamin draws upon the skills and experience of some of Canada's most talented artists, Flash animators and directors to offers character, background and prop design, special effects design, stock breakdown planning, storyboards, slugging; X-sheets, color styling, s-reel and pre-layout.
London-based Target Ent. Ltd. has moved into the kids and animation market with a new division, which launched its new catalog at this years MIPCOM Junior 2003. In addition to international sales across its portfolio of high quality drama and formats, Targets licensing and merchandising division is flourishing (started October 2002) and the company has firmly established itself in the competitive U.S. market with the opening of its New York office in January 2003.
With declining profits this year in entertainment and electronics, Sony Corp. has ordered Sony Pictures Entertainment to layoff as many as 300 employees throughout its key business groups at the Culver City, California-based studio, including Sony Pictures, both domestic and international TV units and Sony Pictures Digital, the LOS ANGELES TIMES reported. The layoffs, which have already begun, could save as much as $75 million a year. Last week, Sony Pictures 73-year-old chairman John Calley announced his retirement.
Make it eight. Eight law firms that is. Law firm Jones Day, which represent the Slesinger family in their case against Disney over Winnie the Pooh right, have stepped down, reported DAILY VARIETY. In papers filed, the law firm stepped down because the Slesinger family informed them they could no longer afford the firms services. The family has not appointed new attorneys yet. The law firm has only been involved in the 12-year long lawsuit since June. On Oct. 8, 2003, the case was moved over to a new judge, Charles W. McCoy, who is L.A.
On Wednesday, October 8, 2003, NBC and Vivendi Universal made official the merger of their entertainment businesses. Newly named NBC Universal joins the ranks of Time Warner, Disney and Viacom. The new mega-conglom will control a broadcast network (NBC), various cable entities (USA, CNBC, Bravo, MSNBC, Telemundo, SCI-FI and Trio), a film and television studio (Universal Pictures and Television) and theme parks (Universal Studios Hollywood and Orlando).
Disney president Robert Iger divulged on Wednesday that he has come up with a compromise to stay in partnership with Pixar Animation Studios. In a video conference with business analysts, Iger said he has offered to revise the terms of the current 50/50 profit split with Pixar in the hopes of forging a contract renewal. Disney would provide an ownership stake and greater share of the profits on Pixar's next two computer-animated features, THE INCREDIBLES and CARS, in exchange for a greater distribution fee, as reported in THE NEW YORK TIMES.
The buzz coming out of MIPCOM has CINAR Corp. close to a sale of the companys assets to Michael Hirsh and Toper Taylor, former Nelvana co-founder/ceo and president of international distribution, marketing and consumer products respectively. Because Hirsh is Canadian the deal would ensure that CINAR could continue to receive Canadian tax credits.
Antefilms Production has announced that it has acquired France Animation, which was previously a Wanadoo subsidiary. Each company will retain its individual identity, but the deal will allow France Animation to ramp up its production line and merges two of Europes largest animation libraries of more than 1,600 half-hours. As part of the deal, Antefilms gains France Animations established marketing and licensing prowess.
In what has now become the longest running lawsuit in the L.A. Superior Court, the case of POOH heirs, the Slesinger family, versus Disney has received a new judge, according to a report in DAILY VARIETY. The man in charge of complex legal suits, Charles W. McCoy, will take over for Judge Ernest Hiroshige, who requested the move. The first hearing in the next phase of this mega-suit is October 22, 2003.
Lombard, Illinois-based Big Idea Prods has announced that the company will go up for auction on October 28, 2003. As AWN reported on September 4, 2003, two days after Big Idea filed for bankruptcy, the company had announced that it had reached a definitive agreement with Classic Media LLC to purchase the companys assets for $7.5 million.
Just as Disney announced the closure of its Tokyo-based animation facility, word leaked out in Japan that Sony Pictures Entertainment would unveil its own animation division in Tokyo specializing in original local-language productions. And just like that, 103 animators and staffers that will be cut loose from Disney after wrapping the WINNIE THE POOH spinoff, THE HEFFALUMP MOVIE, may soon find a new home at Sony.
The Walt Disney Company announced the launch of its MovieBeam on-demand movie rental service, allowing consumers instant access to recent DVD and video releases, as well as a wide variety of popular films from almost all of the major studios. The service will first launch in Jacksonville, Florida; Salt Lake City, Utah; and Spokane, Washington. MovieBeam has agreements in place with DreamWorks SKG, MGM Studios, Miramax Films, New Line Cinema, Sony Pictures Entertainment, Universal Studios, Warner Bros., 20th Century Fox Studios and Walt Disney Studios.
Comic and licensing company Marvel Enterprises is mulling over entering the world of film production on their own, confirms a company representative. Since the overwhelming success of its characters like Spider-Man and Daredevil on the big screen, the company is contemplating middle budget theatrical or direct-to-video productions based on some of their lower-profile characters. The films would have a budget range of between $8 and $50 million.
In further belt-tightening, the Walt Disney Co. plans to shut down Walt Disney Animation (Japan) in Tokyo. Part of DisneyToon Studios that specializes in DVD-premieres (101 DALMATIANS II: PATCH'S LONDON ADVENTURE) and smaller-budgeted theatrical releases (PIGLET'S BIG MOVIE, THE TIGGER MOVIE), the Japanese facility employs about 100 animators and will cease operations after completing the WINNIE THE POOH spin-off, THE HEFFALUMP MOVIE. Work for 2004 and beyond will quickly segue over to Walt Disney Animation (Australia), which recently made JUNGLE BOOK II.
Z Animation (www.zanimation.tv), a new animation production house specializing in television commercials, has opened with offices in Los Angeles and New York City. Founded by exec producer Peter Barg, the company features a roster of 16 directors, graphic artists and illustrators.
Gearing up for its work on the 3D/CG animated feature VALIANT, Vanguard Animation has opened a full-scale, computer-animation studio at London's Ealing Studios. The production is taking over a newly renovated, 10,000 square foot site. The storyboarding, character design and production design to date has been created in L.A., with many of that crew coming to London for the commencement of the full animation production. Starting with a crew of 75, the production will finally employ more than 120. The film plans to be in production over the next 18 months.
As anticipated, the board of directors of AOL Time Warner Inc. has voted to rename the company Time Warner Inc. The name change also includes the adoption of a new stock symbol: TWX" -- Time Warner's symbol on the New York Stock Exchange from before the merger.
"We believe that our new name better reflects the portfolio of our valuable businesses and ends any confusion between our corporate name and the America Online brand name for our investors, partners and the public," chairman and ceo Dick Parsons said in a prepared statement.
Newark, New Jersey-based Digital Production Solutions (DPS), the animation unit of IDT Media, continues its buying spree, having signed a letter of intent to acquire a controlling interest in Mainframe Entertainment, Inc., a leading Canadian creator of computer animation for TV and direct-to-video products.
Following the demise of Egmont Imagination earlier this year, the company's former U.K. managing director, Tatiana Kober, has launched Bejuba! Entertainment, based in Toronto with an office in Los Angeles. The company will specialize in financing, exploitation and distribution of intellectual property rights across all key markets and platforms.
"It doesn't look good," remarked a Disney insider when asked about the prospects of renewing its partnership with Pixar Animation Studios. "It's not a slam dunk, but that doesn't mean it won't work out either," remarked another studio insider. Now THE LOS ANGLES TIMES reports that Disney and Pixar are far apart in their contract negotiations, which Disney co-chairman Michael Eisner would like to conclude by the studio's next board meeting on Sept. 23, 2003.