Newark, New Jersey-based Digital Production Solutions (DPS), the animation unit of IDT Media, continues its buying spree, having signed a letter of intent to acquire a controlling interest in Mainframe Entertainment, Inc., a leading Canadian creator of computer animation for TV and direct-to-video products. IDT Media is a subsidiary of IDT Corp., a multinational carrier, telephone and technology company. DPS bought a 51% controlling interest in Film Roman in May 15, 2003.
Mainframe, well known for creating the first CGI network, animated series, REBOOT, is one of the worlds leading producers of computer animation. Film Roman, the leading 2D animation producer of primetime series such as KING OF THE HILL and THE SIMPSONS, was just awarded its eighth Emmy for best animated series.
In July 2003, DPS announced that it entered into a partnership agreement with Vanguard Animation to co-produce and co-own all Vanguard properties including feature film releases, direct-to-DVD and broadcast. This acquisition gives DPS strongholds in the 2D and 3D TV and feature film production arenas.
This acquisition is a vital part of IDTs long term growth strategy, said Jim Courter, IDTs ceo. Mainframe Ent. will provide DPS with additional programming, new distribution channels and increased revenue.
Mainframe, headquartered in Vancouver, with an office in Los Angeles, offers creative and production services (special effects, modeling, motion capture), as well as product licensing and merchandising for third parties. Since its inception in 1993, Mainframe has produced more than 240 half hours of computer animation.
Becoming a part of DPS is a perfect fit for Mainframe Ent., said Rick Mischel, who took over the reigns as Mainframes ceo in February 2003, after heading up Harvey Ent. With DPS innovative Global Animation Studio streamlining our production process and maximizing our productivity, we can better execute our plan of developing and exploiting the best in proprietary properties while maintaining the highest level of CGI animation for our own properties and our clients.
Acquiring Mainframe makes DPS bigger and better, said DPS president Morris Berger. It provides us with another animation hub located in Canada to add to our existing international network. We enhance our ability to develop, produce and merchandise animated programming for distribution worldwide, and we gain an experienced partner with an impressive record for putting programming on the air.
DPS acquisition of a controlling interest in Mainframe is subject to closing conditions, which include regulatory approval, a restructuring of Mainframes existing debt and approval by Mainframe shareholders.
IDT Media is the subsidiary of IDT Corp. (www.idt.net) responsible for its initiatives in media, new video technologies and print media. IDT Corp., through its IDT Telecom, Inc. subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide.
