Digest: IPOs increasing

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Despite shake-ups that sent stock markets worldwide into tailspins and recent initial public offering stumbles, first-quarter volume for new issues in the U.S. outpaced the year-ago period, with 67 IPOs in the first quarter worth $11.9 billion, compared with 56 new issues worth $10.7 billion in 2006, according to data tracker Dealogic. Movie theater advertiser National CineMedia Inc. offered the largest deal of the quarter at $882 million and closed its first day, Feb. 7, up 22% at $25.67 and closed the quarter at $26.70.

Cinram games

Canadian CD and DVD maker Cinram International Income Fund on Monday diversified into video game product by paying $50 million for U.S. interactive software company Ditan Corp. Cinram, which makes prerecorded media products for Hollywood studios and entertainment customers, said it will pay New Jersey-based Ditan an "additional cash consideration" beyond $50 million once certain performance targets are met. Privately held Ditan employs 180 people and makes and distributes direct-to-store video games for video game publishers, retailers and home video studios. It has facilities in Atlanta; Indianapolis; Louisville, Ky.; and Seattle.

Lionsgate sale
Lionsgate Entertainment Group said Monday that it has sold its entire stake in Image Entertainment Inc. after Image agreed to a $4.40 per share buyout offer Thursday by an investor group led by producer David Bergstein. In a filing with the U.S. Securities and Exchange Commission, Lionsgate said it sold about 3.9 million shares of Image at a price ranging from $4.16-$4.26 per share Friday. According to a Sept. 12 SEC filing, Lionsgate held an 18.56% stake, or about 4 million shares, in Image Entertainment.
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