Industry Vets Acquire Ardustry14 Apr, 2005 By: Erik Gruenwedel
Citing “a real opportunity” for smaller players in the home entertainment market, two longtime entertainment executives have acquired Ardustry Home Entertainment for an undisclosed amount.
Kerry McCluggage, former president of Universal Television and chairman of the Paramount Television Group, and Jeff Sagansky, former president and CEO of Paxson Communications Corp., owner of PAX TV, will share co-chairman duties at Los Angeles-based Ardustry.
Current Ardustry CEO Cheryl Freeman will retain her position with the company, and McCluggage said he envisions no changes in home entertainment.
McCluggage and Sagansky have separately produced numerous movies and TV shows, including Look Who's Talking, Glory and Steel Magnolias to “The Nanny,” “Dr. Quinn, Medicine Woman,” “Miami Vice,” “Murder, She Wrote,” “Law & Order” and “Frasier.”
“We feel we can take Ardustry to the next level,” McCluggage said.
He said he hoped the pair could expand on Ardustry's success at an independent level with acquisitions. Initial DVD acquisitions include a follow-up to Cracking of the Da Vinci Code.