Genius, Weinsteins Extend Interim Pact for a Third Time5 Jun, 2006 By: Erik Gruenwedel
Genius Products has extended for a third time the deadline for consummating its merger agreement with The Weinstein Co. from May 31 to June 30.
No reason was cited for the delay in a filing June 2 with the Securities and Exchange Commission. A Genius spokesperson was not immediately available for comment.
Genius, which was 70% acquired Dec. 5, 2005, in an interim agreement by Miramax co-founders Bob and Harvey Weinstein, filed extensions to the agreement March 15, April 26 and May 30, respectively.
The initial stock deal included completion of a $32 million equity private placement between Genius and major institutional investors as well as a number of current shareholders.
Separately, Genius expanded its children's DVD catalog with license agreements for 16 titles from BKN Home Entertainment Ltd., including a new CGI animated version of A Christmas Carol set for release Nov. 22.
Other titles include Ali Baba and the Forty Thieves, Kong: Return to the Jungle, Kong: The Animated Series, Zorro: Generation Z, Robin Hood and Jungle Book.
In January, Genius sold its Baby Genius brand back to its creators, Pacific Entertainment Corporation, for $3 million.