Splendid Medien AG

M&A Activity • Jan 24, 2002

News Details

Ad-hoc | 24 January 2002 21:23

splendid medien AG english

Splendid Medien Buys US Film Producer Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Splendid Medien Buys US Film Producer – Acquisition of Cutting Edge Entertainment – Film production, world distribution, and development expanded (Los Angeles/Cologne, 24 January 2002) – Splendid Pictures, Inc. , a newly founded subsidiary of Splendid Medien AG of Cologne has acquired the film production company Cutting Edge Entertainment, Inc., of Los Angeles. In addition to the shares held by Splendid Medien AG, David C. Glasser, CEO of Cutting Edge, holds 20 percent of the shares in Splendid Pictures, Inc. with principal offices in Los Angeles. The acquisition price of Cutting Edge, which it was agreed would not be disclosed, will be totally financed from liquid resources by Splendid Medien AG. Cutting Edge, founded by David Glasser in 1993, showed sales amounting to approximately 12 million US dollars in 2001, employing a staff of 12. Through its U.S. operations, the Splendid group expects to produce two films annually with budgets of up to 40 million US dollars respectively, as well as eight to ten films with budgets of five to 25 million US dollars each. Involved here are in part co-productions and in part company-internal productions. As a consequence of this acquisition, sales of the Splendid Group are expected to more than double for 2002. end of ad-hoc-announcement (c)DGAP 24.01.2002 ——————————————————————————– WKN: 727950; ISIN: DE0007279507; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 242123 Jän 02