The Harvey Entertainment Company has announced that it has signed an agreement with Classic Media, LLC, for the sale of its library of Classic Characters, including Casper, Richie Rich, Baby Huey and Little Audrey. Classic Media already owns the rights to the UPA characters Mr. Magoo and Gerald McBoing Boing. The deal, scheduled to close within 90 days, is worth US$16 million plus debts associated with the characters. This move is Harvey's attempt to liquidate its bank debts.

Over 400 EM.TV shareholders are seeking an out-of-court settlement from the company for more than DM20 million (US$9.5 million) in regards to problems over EM.TV's acquisition of the Jim Henson Co. and half of the Formula One racing circuit. The investors claim that EM.TV CEO Thomas Haffa and his brother, former chief financial officer Florian Haffa, falsely represented the actual costs of the US$650 million acquisition of Henson. Moreover, the investors claim management hid key facts about the deal to buy as much as 75% of Formula One holding company SLEC.

Toronto-based SimEx Inc., a major player in the location-based entertainment industry, has announced that it has signed a letter of intent to acquire Iwerks Entertainment Inc., a leading special venue production firm. SimEx will pay $0.63 per share for Iwerks, which values the deal at approximately $2.2 million. Once the deal is completed, Iwerks will keep its name and continue to work out of its Burbank, California offices, under its current team.

In yet another consolidation move, AOL Time Warner has combined all of its TV operations under one roof. As a result, the WB Network's CEO Jamie Kellner will become the new CEO and chairman of an expanded Turner Broadcasting. He will oversee the WB, TBS, TNT, CNN and Cartoon Network. He replaces Terence McGuirk, who will continue as vice chairman and will assist Kellner in his transition. Kellner will relocate to Atlanta. What does this move have in store for animation?

AWN's stock ticker features the most prominent publicly traded companies in the world of animation. AWN, Inc. makes available certain financial information from third party information providers. AWN does not give advice in any such fields, and has not reviewed, and in no way endorses the validity of such data. This information is provided solely as a means to keep our readers informed of the market performance and trends of certain companies. AWN strongly suggests that one seek advice from a competent professional regarding any investment or financial issues.

The Walt Disney Co. has purchased the rights to Winnie the Pooh for an amazing $350 million. Former rights holders Westminster School and the Garrick Club will receive $88 million each and the Royal Literary Society will gain $132 million. Disney first licensed the rights to Winnie in the 1960s and has been paying twice-yearly royalties to the owners. Disney will hold the copyright until it expires in 2026. The last relative of POOH creator A. A. Milne to hold a share in the copyright was Christopher Robin Milne.

UGO Networks, an online entertainment community company, announced that it closed a new round of funding worth US$23 million. Lead investors were GRP and Missouri-based Gryphon Holdings II, LLP Inc. and their investment partners.

India-based Pentamedia Graphics has agreed to buy California-based movie production company Improvision for US$19.8 million in stock. Pentamedia first teamed with Improvision as co-production and distribution partners for the animated film SINBAD: BEYOND THE VEIL OF MISTS. Currently, a sequel to that 3D motion-capture film is in production. Improvision's purchase will "help strengthen Pentamedia's pre-production and post-production skills and also its distribution reach in the United States," the company said.

Swimming against the recent tidal wave of dotcom disasters, Heavy.com has announced a new US$3 million round of financing. In addition, Heavy has announced that David Pachter has been named president and COO. Prior to Heavy, Pachter served as senior VP of business development for Interactive Video Technologies, a streaming video solutions firm. "We feel extremely fortunate to have attracted a person of David's caliber," co-CEO David Carson said.

AWN's stock ticker features the most prominent publicly traded companies in the world of animation. AWN, Inc. makes available certain financial information from third party information providers. AWN does not give advice in any such fields, and has not reviewed, and in no way endorses the validity of such data. This information is provided solely as a means to keep our readers informed of the market performance and trends of certain companies. AWN strongly suggests that one seek advice from a competent professional regarding any investment or financial issues.