BKN International Buys Its Former Parent Company
Germany-based children's TV and licensing firm, BKN International, has acquired the operational assets of its former parent Los Angeles-based BKN Inc. BKNI will pay US$25.5 million over the next two years to gain the rights to BKN's fifth largest animation portfolio in the U.S. In addition, BKNI will pay $2.6 million in cash for BKN Inc.'s L.A. studio and its trademark. Therefore, BKN Inc. will only exist as a holding company with a 34% share in BKN International. In a separate deal, Sony Pictures Family Entertainment has purchased 3.8% of BKNI from BKN Inc. Currently BKNI produces the series JUMANJI, STARSHIP TROOPERS and EXTREME GHOSTBUSTERS for Sony Pictures. As part of deal, Sony's president of their family entertainment group Sander Schwartz will join BKNI's supervisory board. Nadia Nardonnet will remain as president of BKNI with advisory board head and BKN Inc. founder Allen Bohbot taking over the roll as chairman of the management board. Dennis Fogarty will take over Bohbot's old post. BKN International was originally formed as the international arm for BKN Inc. In 1999, the Cologne-based arm went public on the Frankfurt Neuer Market.