Imagi to Buy Toon Express Group

files/pictures/picture-35.jpgImagi International is set to buy Chinese toon producer Toon Express Group for around $130 million, reports Variety [1]. Toon Express produces the popular Chinese theatrical series PLEASANT GOAT AND BIG BIG WOLF. The purchase will expand Imagi revenue and help leverage Toon Express's existing relationships with Creative Power Entertaining LLC (CPE) and Disney Enterprises. Imagi will pay $105 million in cash and the rest in consideration shares.

Imagi went through a restructuring last year to clear its debt following the lackluster performance of ASTRO BOY.

PLEASANT GOAT AND BIG BIG WOLF — DESERT, the first in the series, earned $12 million, while the following editions TREK: THE ADVENTURE OF THE LOST TOTEM and MOON CASTLE — THE SPACE ADVENTURE earned $19.4 million and 22.8 million, respectively.