money digest


IPOs up

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 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.