Entertainment One Back On Acquisitions Trail
Canadian producer to issue new shares for potential company and programming purchases.
TORONTO – Entertainment One is hitting the acquisitions trail, again, after an $18.8 million share issue. The Toronto-based producer said it will issue up to 8 million new shares at 145 pence ($2.35) each, and use the coin for “small, earnings enhancing acquisition opportunities.”
The UK-listed producer said it will likely pay for potential acquisitions with a mix of cash and shares. “To ensure maximum shareholder value, the company reserves the right to fund the cash element of the acquisitions from its available bank facilities," Entertainment One added.
The Canadian company in 2007 and 2008 went on a buying spree to diversify into filmed entertainment, and has spent the last three years digesting acquisitions like U.K. distributor Contender Entertainment, Canadian distributor Seville Pictures and Oasis International, and Los Angeles-based Blueprint Entertainment.