Entertainment One: Nothing Unscripted About Whizz Kid Acquisition
Edison | Apr 10, 2018 01:42AM ET
Entertainment One Ltd (LON:ETO)’s bolt on acquisition of Whizz Kid in the UK further builds on its expanding capabilities in the non-scripted television production segment. The £6.9m consideration paid for a 70% interest will be part funded utilising some of the excess proceeds of the recent placing and shares.
Whizz kid: Non-scripted television production
eOne has acquired a 70% stake in Whizz Kid Entertainment, a UK-based production company specialising in non-scripted television formats such as Ex on the Beach (9 series - MTV US) and Lip Sync Battle UK (Channel 5). Founded in 2006, Whizz Kid reported revenues of £14.2m for the year to March 2017 and EBITDA of £1.6m. Of the £6.9m acquisition price, eOne will pay £5m in cash, drawing on the recent fund raising, and the balance via the issuance of c 638k eOne shares. The deal is expected to complete by 12 April. A put and call arrangement has been put in place for the company to acquire the remaining 30% after a five-year period. The founding partners of Whizz Kid will continue to lead the division.
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