U.K.'s VCI Buys Into Video Production Firm
U.K. music and video label Video Collection International (VCI), a division of retailer Woolworths Group, has taken an initial stake of approximately 76% in video production company Banana Split Productions, for up to £2 million ($3.13 million). Under the deal, VCI will buy the stake from private shareholders
in cash. It has options to buy the remainder of the company at a price that will depend on the post-tax profits of Banana Split through June 30, 2006.
The acquisition, says VCI, strengthens the company's strategy of focusing on music and publishing and the ownership and control of related intellectual property rights. VCI recently sold the trading assets of its entertainment distribution arm, Disc Distribution, to Deluxe Video Services in a deal worth less than £1 million ($1.46 million) (Bulletin, June 6).
The acquisition, says VCI, strengthens the company's strategy of focusing on music and publishing and the ownership and control of related intellectual property rights. VCI recently sold the trading assets of its entertainment distribution arm, Disc Distribution, to Deluxe Video Services in a deal worth less than £1 million ($1.46 million) (Bulletin, June 6).
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