Nelvana Acquires Kids Can
Toronto, Canada-based animation company Nelvana Limited has completed the acquisition of 100% of the shares of Kids Can Press Ltd., a Canadian publisher of children's books. One of Kids Cans properties is Franklin, the story of a turtle which Nelvana has already turned into an animated series. The $6.1 million (CAN) acquisition now gives Nelvana access to Kids Cans library of over 250 children's book titles. One of these, titled Elliot Moose, is currently being developed for an animated television series. The deal is a highly attractive strategic and financial acquisition for Nelvana, said company co-CEO Michael Hirsh, and is an important step for us in building a more integrated family entertainment company. Nelvana will operate Kids Can as a wholly-owned subsidiary and will retain all existing employees of the company, including Valerie Hussey who will remain president and CEO of Kids Can, and has signed a multi-year employment contract with Nelvana. Nelvana is traded on the Toronto and Montreal exchanges under the symbol NTV.