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Harvey Entertainment And Classic Media Amend Sale Agreement

The Harvey Entertainment Company and Classic Media, LLC have amended their prior agreement for the sale of Harveys library of classic characters, including CASPER, RICHIE RICH, BABY HUEY and LITTLE AUDREY, as well as certain contractual rights and agreements which relate to those assets. Signed on March 9, 2001, the prior deal was worth US$16 million plus debts associated with the characters. The parties have agreed to increase the purchase price to US$17 million, to be paid in cash at the closing, plus the assumption of certain liabilities. The closing is expected to occur shortly after the Harvey shareholder meeting scheduled for June 12, 2001, subject to receipt of the shareholder vote and the satisfaction of other customary closing conditions. In addition to the price increase, the parties agreed to other minor changes to the transaction documents, including an increase in the expense reimbursement to Classic Media, LLC, should the transaction not close under certain circumstances. In August 2000, Harvey announced that Classic Media was going to purchase 60% of the company, however the deal was cancelled after the two companies couldn't reach a fair conversion price. Classic Media, LLC is a New York-based company engaged in the acquisition and management of entertainment properties.

Check out "Hearst and Harvey: Reinventing the Classics," whereJoan Kim interviews Leslie Levine on her task at hand bringing Harvey's classic characters to consumers in new, cool ways.

Also check out "Harvey Entertainment Takes Control," whereHeather Kenyon talks with Rick Mischel, president and COO of Harvey Entertainment, about the companys transition from a licensor to a producer/distributor with the current production Caspers Haunted Christmas. .