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.

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.

The Motion Picture Screen Cartoonists, Local 839 IATSE, has won their organizing election at Bohbot Kids Network (BKN), a German-owned animation studio with offices in Los Angeles. The ballot tally was 38 in favor of union representation versus 3 against, with six challenged ballots. The original vote took place in June 1999, but was delayed by BKN attorneys' legal challenges over the election procedures. However, in late January 2001, the National Labor Relations Board overruled BKN's suit. The union hopes to negotiate a contract with BKN in the near future.

Imax Corp. has announced that due to a corporate restructuring it will lay off 130 of its 1,000 employees. The restructuring comes as a result of several theater-chains' recent bankruptcies, which has lowered the demand for large screen films. The company will consolidate its sound and projection systems manufacturing at its facilities in Mississauga, Ontario and will scale down film production at its studio in Birmingham, Alabama. Imax will take a first quarter 2001 loss as a result of restructuring costs.

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.

Stan Lee Media, Inc. has announced that it is filing for Chapter 11 bankruptcy protection. In a statement, CEO and president Kenneth Williams said, "After looking at all of the available options, management and the board of directors concluded that the best way to maximize the company's value is to seek to sell the company in a Chapter 11 proceeding. As previously announced, the company has been reviewing strategic alternatives for the company since mid-December, and in conjunction with this review has had discussions with a number of potential buyers and strategic partners.

The U.S. federal appeals court has upheld a 1998 ruling, which extended the length of copyrighted material another two decades. In a 2-1 ruling, the three judge panel ruled that Congress does have the right to extend the time of a copyright. The arguments against the ruling were brought forth by a group of individuals and companies dealing with public domain works stating that the extension infringed on their First Amendment rights.

Cinar Corporation has entered into an agreement with its banks to extend its credit line until October 15, 2001. Of US$24 million previously outstanding, half of the amount is still with standing. In certain circumstances prepayments will be required prior to October 2001. The plagued children's producer also announced that it would release its unaudited 2000 financial statements by March 31, 2001. "Cinar continues to have a strong balance sheet.