Armoyan joins Entertainment One board
EmptyTORONTO -- Having recently built a stake in Canada's largest home video distributor, Nova Scotia businessman and activist shareholder George Armoyan on Friday was appointed a board member of Entertainment One Income Fund.
Armoyan, who recently acquired a 10.3% stake in Entertainment One, joins its boardroom two months after the Toronto-based specialty DVD, CD and video game distributor was put up for sale.
"On behalf of Entertainment One and the other members of Entertainment One's board, I would like to take this opportunity to welcome George Armoyan to the board," Darren Throop, president and CEO of Entertainment One, said in a statement.
In late October, Entertainment One said it had hired mergers and acquisitions specialist Genuity Capital Markets to help a special committee of board members explore "strategic alternatives," including selling the company.
Armoyan has a history of investing in companies just before they were sold off. In 2002, the Halifax-based businessman acquired a 10% stake in Canadian cablecaster Persona Inc., joined its boardroom, and within a year cashed out when a private equity firm bought the company.
Entertainment One said it has received unsolicited interest in the specialty distributor but no formal offers as of yet.