DVD distributor Image Entertainment Inc., which recently ended an protracted, unsuccessful attempt to be acquired by a company that couldn? come up with the financing, apparently is ready to jump into the M & A; pool once again.

The Chatsworth licensee and distributor of entertainment programming said Wednesday that it has retained Houlihan Lokey Howard & Zukin Capital Inc. to explore strategic alternatives, which could include financing or sale transactions.

?n choosing Houlihan, we were very impressed with their reputation and positive track record, and we are confident that they will help us strategize the best course of action for Image? shareholders as we move forward,?said President Jeff M. Framer in a statement.

Image has made repeated attempts in the past few years to find a financial backer that would allow the company to retain some of its independence.

The company in April ended a merger agreement with Nyx Acquisitions Inc. after the San Francisco private equity firm repeatedly failed to meet deadlines for closing the $60.2 million deal first announced in November.

An earlier merger with BTP Acquisition fell apart in February 2008 when BTP also could not arrange financing. In addition, Image? board and management fought off an unfriendly takeover attempt by Santa Monica independent studio Lions Gate Entertainment Inc.