Europacorp acquires TV shingle Cipango
Outfit produces dramas targeting international marketsPARIS -- French movie mogul Europacorp will expand its empire to the small screen with the acquisition of independent TV production company Cipango, EuropaCorp confirmed Friday.
Cipango produces TV dramas targeting French and international markets including recent success stories "Les Bleus" and Canal Plus-NBC co-production "XIII."
Cipango boasted €14.6 million ($19.7 million) in revenue in 2009. Europacorp is hoping to branch out into TV production and hopes to capitalize on Cipango's savoir-faire in that domain.
Europacorp snagged 75% of Cipango securities in cash and the remaining 25% will be covered by the group's commitment to buy and sell over the next four years.
Europacorp estimates its 2009/2010 consolidated revenue will jump 30% compared to the 2008/2009 period.