Millimages Gets Factual.
Created 02/21/2002 - 00:00
Paris headquartered animation production and distribution company Millimages, is expanding into the factual programming business with the acquisition of a 50.1% stake in French documentary producer, Gedeon Programmes. Millimages will acquire the majority interest in exchange for Euro 1.37M (US$1.19M) in cash plus stock. In addition, Gedeon Programmes chairman Stephane Milliére will assume a position on Millimages board. Millimages chairman Roch Lener stated that the move was made as part of Millimages overall strategy for growth and development. "As with high quality animation, blue-chip factual & natural history programming enjoys a long-term shelf life and its value and viability is universal across all territories," said Lener. "The expansion into the documentary business provides immediate growth to our valuable library of programming. The acquisition of Gedeon Programmes will generate significant, enhanced revenue for Millimages from the onset, as well as increased profitability through cost savings." Millimages productions currently air on The Cartoon Network, Disney Channel and Fox Kids.