Category: Business

The Harvey Entertainment Company announced on June 26, 2001 that they have completed their sale of Harveys classic cartoon characters, contracts and related assets, to Classic Media, LLC, in exchange for approximately US$17,000,000 and the assumption of certain liabilities. Actual funding of the transaction took place on Friday, June 22, 2001. Harvey has also officially changed its name to Sunland Entertainment Co. Inc. with the new OTC Bulletin Board stock symbol of SUNE. The name and stock symbol change will take effect Wednesday, June 27, 2001.

According to a June 21, 2001 report in the Los Angeles Times, Ben Stein, host of the Comedy Central TV game show "Win Ben Stein's Money" has sued Shockwave.com for breach of contract. In the suit, filed in Los Angeles County Superior Court, Stein claims he is owed $212,250 for his work in helping to develop an online quiz show. In exchange for the use of his name, voice and likeness, Stein reportedly was to receive 75,000 shares of Shockwave stock valued at 50 cents a share, with an option to sell back the stock at nearly $3 per share. The show has yet to launch on the Web.

In an announcement made June 20, 2001, by Michael D. Eisner, chairman and CEO, and Robert A. Iger, president and COO, of The Walt Disney Company, Peter Schneider will step down as chairman of The Walt Disney Studios to start a new Broadway theater production and investment company funded in part by Disney.

As widely reported today by sources such as the LA TIMES, WIRED MAGAZINE and REUTERS, four people, including Stan Lee Media co-founder Peter Paul, have been indicted by federal prosecutors as part of an alleged $25 million stock manipulation scheme. The defendants face maximum sentences of 15 years in prison if convicted. Paul, former Stan Lee Media executive vice president Stephen Gordon, stock analyst Jeffrey Pittsburg and stock promoter Charles Kusche, have been accused of securities fraud in an attempt to manipulate the price of Stan Lee Media stock.

The 3DO Company has announced the signing of a development agreement with renowned Santa Monica based entertainment company, Pandemic Studios, the developer of Battlezone II and Dark Reign 2. The first as-yet-unnamed project is scheduled for release in early 2002. According to Pandemics president Josh Resnick, the deal will allow his company to expand their development base across multiple gaming platforms and reach 3DOs mass consumer market. Trip Hawkins, 3DOs chairman and CEO, commented, "We are thrilled to be working with Pandemic on new and exciting projects.

Take-Two Interactive Software, Inc. has announced record net sales and cash flow for its 2001 second quarter ended April 30, 2001. Net sales for the quarter increased 33% to $93.3 million compared with $70.0 million for the same period a year ago.

MacSoft, the Macintosh label of leading video game publisher Infogrames, has signed a licensing deal with international game company Take-Two Interactive Software, acquiring rights to several high-profile titles. Under the terms of the agreement, Infogrames has acquired the Macintosh publishing rights to TROPICO and FLY! II, scheduled to ship this summer, as well as MAX PAYNE, STRONGHOLD and MYTH III. Additional titles will be announced at a later date. According to PC Data, MacSoft captured over 37 percent of the Macintosh entertainment software business in 2000.