Current Status of Turok, Solar, Magnus Resolved

VHMMV · Post by **VHMMV** » Fri Apr 03, 2009 11:35 pm

The long and winding road has taken the characters right back where they once were. Please note the dates which preceed each quote, all of which are taken from ICV2.com, as noted in the links:

From ICV2.com: http://www.icv2.com/articles/news/9767.html

Published: 12/15/2006 12:00am

"According to Variety, Entertainment Rights, a children's video programming company in the U.K., has purchased Classic Media, which holds rights to children's and family-friendly media properties in the U.S.

"ER sees the acquisition as a way to bring their video and merchandising properties to the potentially lucrative U.S. market, as well as looking to bring Classic Media's assets to non-U.S. markets.

"Combined the two companies own about 8,700 episodes of programming targeting pre-schoolers to high-schoolers, including Postman Pat, Casper the Friendly Ghost, Felix the Cat, She-Ra, Ghostbusters, The Lone Ranger, and Veggie Tales. Classic Media also recently announced it had acquired the Gumby TV series."

From ICV2.com: http://www.icv2.com/articles/news/11966.html

Published: 01/24/2008 12:00am

"Private equity firm GCTR has announced that it will provide up to $200 million to finance Boomerang Media, a new company formed to acquire, manage, and exploit entertainment intellectual property. Boomerang Media will be run by Eric Ellenbogen and John Engelman, who previously ran Classic Media and Broadway Video Entertainment. Ellenbogen also had a stint as CEO of Marvel.

"According to the announcement, management's strategy is to build the company 'into a leading franchise for iconic, branded entertainment assets.'

"GTCR will provide the financing from its GTCR Fund IX, LP, which has $2.75 billion of committed capital."

From ICV2.com: http://www.icv2.com/articles/news/14034.html

Published: 01/06/2009, Last Updated: 01/08/2009 10:49am

"British company Entertainment Rights, which owns Casper, the Lone Ranger, She-Ra, Gumby, and a host of other characters, is running out of time to find new investment or an acquirer to avoid going out of business. The company loaded up with debt for its acquisition of Classic Media in 2006 (see “Entertainment Rights Buys Classic Media”) and fell out of its covenants with its lenders last year. Among options being considered are hitting up existing stockholders for additional investment, a sale of the company, or new loans. It received an infusion of L13 million from its main lender in December, which will carry the company through February.

"Expenses are also being cut, with a third of the company’s employees let go. But bad debt from the failure of British retailer Woolworths is also weighing on the company."

From ICV2.com: http://www.icv2.com/articles/news/14665.html

Published: 04/03/2009 02:12am

"In an eponymous move, Boomerang Media and private equity firm GTCR have acquired Entertainment Rights, Classic Media, and Big Idea, Inc. from their troubled parent, which was in deep difficulty due to the debt it took on to acquire Classic Media (see “Casper, Gumby Parent Scrambling”). The company controls a number of classic brands, including Casper, Lone Ranger, Lassie, Rudolph the Red-Nosed Reindeer, and many more.

"Boomerang is the new investment vehicle formed by GCTR with Eric Ellenbogen and John Engelman after they sold Classic to Entertainment Rights (see “$200 Million for New Content Company”).

"A new Casper series, Casper’s Scare School, is in the pipe, as is the new feature, Kung Fu Magoo.

"Ellenbogen and Engelman ran Classic from 2000 to 2007, and previously ran Broadway Video Entertainment. Ellenbogen also had a stint as CEO of Marvel."

The only thing I have to add to all of this is that I don't think that Ellenbogen and Engelman sold Classic Media to Entertainment Rights, but that it was sold out from under them, although I could be wrong about that. In any case, I'm surprised that the investment capital that Boomerang raised over a year ago was still there, and I wonder if they had to pay what Classic Media was sold for almost two and a half years ago, or if they bought it back for less than it was worth back then.

Also note that Boomerang didn't just buy Classic Media, but the company that bought it and another company besides. So now Ellenbogen and Engelman control even more intellectual properties than they did before!

xodacia81 · Post by **xodacia81** » Sat Apr 04, 2009 9:16 am

Verrrry Interrresssting....

terreth · Post by **terreth** » Sat Apr 04, 2009 9:32 am

Could someone put this in layman's terms?

Thanks

Daniel Jackson · Post by **Daniel Jackson** » Sat Apr 04, 2009 9:41 am

terreth wrote:Could someone put this in layman's terms?

Thanks

It is confusing, that's for sure.

Does this have any bearing on the deal Dark Horse supposedly worked out for the GK 3?

dave · Post by **dave** » Sat Apr 04, 2009 10:50 am

did anyone else notice broadway video in there?

Can we expect new Postman Pat pamphlets by the end of this year?

Crow331 · Post by **Crow331** » Sat Apr 04, 2009 11:32 am

Pamphlets!!!

Zaphod · Post by **Zaphod** » Sat Apr 04, 2009 11:55 am

meet your new boss
same as the old boss

IanAlexavier · Post by **IanAlexavier** » Sat Apr 04, 2009 2:25 pm

Well, lets get Ellenbogen and Engelman to take a look at letting VEI take a try at their characters!!

Um, is that possible?? I wonder what this means for Dark Horse

VHMMV · Post by **VHMMV** » Sat Apr 04, 2009 2:57 pm

I don't see what's so hard to understand. Classic Media controlled Turok, Magnus, and Solar. Classic Media was then bought by Entertainment Rights. The guys that ran Classic Media then started their own company called Boomerang Media. Boomerang then bought Classic Media and Entertainment Rights and another company besides, putting everything right back where it started. Like Zaphod said, meet your new boss, same as the old boss.

VHMMV · Post by **VHMMV** » Sat Apr 04, 2009 3:05 pm

Daniel Jackson wrote:Does this have any bearing on the deal Dark Horse supposedly worked out for the GK 3?

If Dark Horse had a signed contract, then that signed contract would have to be honored. If it was just a casual, "Yeah, we like you guys," then that would now be meaningless, unless Boomerang decided that they really were the best option, in which case they'd just work out their own deal with Dark Horse.

The only way to nullify a signed contract would be bankruptcy, and apparently the company that owned Entertainment Rights (which owned Classic Media) just sold them straight up.

I'm still amused at the fact that Entertainment Rights went into debt to buy Classic Media, and now both companies were sold to pay off that debt. They would have been better off if they had just left things alone originally.

terreth · Post by **terreth** » Sat Apr 04, 2009 5:47 pm

Classic Media controlled Turok, Magnus, and Solar. Classic Media was then bought by Entertainment Rights. The guys that ran Classic Media then started their own company called Boomerang Media. Boomerang then bought Classic Media and Entertainment Rights and another company besides, putting everything right back where it started. Like Zaphod said, meet your new boss, same as the old boss.

Thanks

superman-prime · Post by **superman-prime** » Sat Apr 04, 2009 11:34 pm

thanks for the decription