Liberty Media to Buy IDT16 May, 2006 By: Holly J. Wagner
Liberty Media Corp. has agreed to buy Anchor Bay Entertainment parent IDT Entertainment.
Liberty, parent company of Starz Entertainment Group, will put up $186 million in cash, its 17.2 million shares of IDT, a 5% stake in IDT's telecom holdings and assumption of debt.
The IDT Entertainment stable includes Anchor Bay, CGI house Mainframe Entertainment, Film Roman and Manga Entertainment.
A Liberty statement said the new parent will use the companies to “to create a wide array of CG-animated and live-action programming for domestic and international distribution in all major channels, including broadcast syndication, premium television, theatrical and home video/DVD.”
The deal will make IDT content available on Starz channels and create an outlet for potential new Starz content.
The deal is expected to close in three months, pending regulatory approvals.