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Image Entertainment Makes Acquisition

By staff-author

October 4, 2010

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Image Entertainment Inc. on Monday said that it has agreed to acquire Madacy Home Video, a division of Canada’s Madacy Entertainment.

The Chatsworth home entertainment distributor called the transaction a “multi-million dollar deal” but did not disclose financial terms. The Madacy library includes classic television, horror, theatrical and special interest titles. It includes “The Lucy Show”, “Bonanza” and “The John Wayne Collection.”

Under the deal, Madacy Entertainment, based in Montreal, Quebec, temporarily retains a 30 percent interest in the video division. Image is to acquire the remaining interest by Aug. 31, 2014.

“Madacy has the rights to several gems from classic Hollywood as well as recently produced documentaries and special interest properties that will fit well within the Image family,” said Chief Executive Ted Green in a statement. “This acquisition allows us to expand our library quickly while affording us properties to leverage across several platforms.”

The deal was announced a few hours before the markets closed. Image shares closed down 4 cents, or 20 percent, to 16 cents on the Pink Sheets.

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