>>>EM.TV to Sell Minority Henson Stake
Tue December 24, 2002 11:20 AM ET
NEW YORK (Reuters) - EMTV, a German developer of children's programming, said on Tuesday it will sell 49.9 percent of Jim Henson Co. to an investment group led by a former media executive, helping it to pay down debt while retaining majority control of the renowned Muppet maker.
Dean Valentine, the former chief executive of United Paramount Network, heads the group that won the stake in Henson, the creator of Big Bird and Kermit the Frog. Europlay Capital Advisors, a private equity shop that specializes in media and entertainment, provided financial backing.
Terms of the proposed transaction, which is expected to close in January 2003, were not disclosed.
Valentine, who served a stint at Walt Disney Co.'s Touchstone TV unit overseeing the creation of hit shows "Home Improvement" and "Ellen," expects to build the Henson brand, which has suffered under EM.TV.
"We feel there is enormous potential for growth, not merely from Kermit and the Muppets, but from the expansion of the Henson brand into all areas of family entertainment," Valentine said in a statement.
Valentine will run Henson's operations. His management team includes Mort Marcus, the former chairman of Miramax Television and Video, a Disney subsidiary, and Nick Van Dyk, former executive vice president of Artisan Entertainment.
EM.TV paid $680 million for Jim Henson Co. in March 2000, purchasing it from the Henson family. It began trying to sell it less than two years later.
Walt Disney Co. was recently believed to be planning a $135 million bid for all of Henson, people familiar with the situation said. But it was unclear whether that offer was submitted, or whether EM.TV simply opted to sell a minority stake instead.
At least three other suitors had been interested in buying Jim Henson Co., sources said.
EM.TV had a 64 million euro ($64 million) loan coming due at year's end, but it got an extension from its lenders over the weekend.<<<
http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=1958218
This probably won't affect the current Muppet attractions now, but any plans for future attractions with the Muppets can be thrown out the window.
Tue December 24, 2002 11:20 AM ET
NEW YORK (Reuters) - EMTV, a German developer of children's programming, said on Tuesday it will sell 49.9 percent of Jim Henson Co. to an investment group led by a former media executive, helping it to pay down debt while retaining majority control of the renowned Muppet maker.
Dean Valentine, the former chief executive of United Paramount Network, heads the group that won the stake in Henson, the creator of Big Bird and Kermit the Frog. Europlay Capital Advisors, a private equity shop that specializes in media and entertainment, provided financial backing.
Terms of the proposed transaction, which is expected to close in January 2003, were not disclosed.
Valentine, who served a stint at Walt Disney Co.'s Touchstone TV unit overseeing the creation of hit shows "Home Improvement" and "Ellen," expects to build the Henson brand, which has suffered under EM.TV.
"We feel there is enormous potential for growth, not merely from Kermit and the Muppets, but from the expansion of the Henson brand into all areas of family entertainment," Valentine said in a statement.
Valentine will run Henson's operations. His management team includes Mort Marcus, the former chairman of Miramax Television and Video, a Disney subsidiary, and Nick Van Dyk, former executive vice president of Artisan Entertainment.
EM.TV paid $680 million for Jim Henson Co. in March 2000, purchasing it from the Henson family. It began trying to sell it less than two years later.
Walt Disney Co. was recently believed to be planning a $135 million bid for all of Henson, people familiar with the situation said. But it was unclear whether that offer was submitted, or whether EM.TV simply opted to sell a minority stake instead.
At least three other suitors had been interested in buying Jim Henson Co., sources said.
EM.TV had a 64 million euro ($64 million) loan coming due at year's end, but it got an extension from its lenders over the weekend.<<<
http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=1958218
This probably won't affect the current Muppet attractions now, but any plans for future attractions with the Muppets can be thrown out the window.
