Click to Skip Ad
Closing in...
Gaspar Noé's List of 10 Favorite Films Makes Perfect, Terrifying Sense Gaspar Noé's List of 10 Favorite Films Makes Perfect, Terrifying Sense Jon Hamm Wants You to Know There's Hope for Don Draper After 'Mad Men' Jon Hamm Wants You to Know There's Hope for Don Draper After 'Mad Men' Women Fight Back at Cannes, From Megan Ellison to Emily Blunt Women Fight Back at Cannes, From Megan Ellison to Emily Blunt Of Time & Life: How 'Mad Men' Remade Television Of Time & Life: How 'Mad Men' Remade Television Nikki Finke Returns Nikki Finke Returns Cannes Goes Crazy for Jeremy Saulnier's Gruesome Neo-Nazis vs. Punks Horror 'Green Room' Cannes Goes Crazy for Jeremy Saulnier's Gruesome Neo-Nazis vs. Punks Horror 'Green Room' Cannes Festival Is Dominated by Two Hollywood Masters Cannes Festival Is Dominated by Two Hollywood Masters Top Ten Takeaways: Sequels Rule as Women Boost 'Pitch Perfect 2,' 'Mad Max: Fury Road' Also Strong Top Ten Takeaways: Sequels Rule as Women Boost 'Pitch Perfect 2,' 'Mad Max: Fury Road' Also Strong Cannes: Directors from Fincher to Scorsese Revisit Truffaut's Famous Interview with Hitchcock Cannes: Directors from Fincher to Scorsese Revisit Truffaut's Famous Interview with Hitchcock 'Pitch Perfect 2' Outperforms 'Mad Max: Fury Road'; 'Ultron' Is Now Top 2015 Release 'Pitch Perfect 2' Outperforms 'Mad Max: Fury Road'; 'Ultron' Is Now Top 2015 Release Kristen Stewart Re-Teams with Her 'Sils Maria' Director for Ghost Story Set in Fashion World Kristen Stewart Re-Teams with Her 'Sils Maria' Director for Ghost Story Set in Fashion World Watch: Netflix's Ted Sarandos Heckled at Cannes, Gets Weinstein on His Feet During Heated Debate (VIDEO) Watch: Netflix's Ted Sarandos Heckled at Cannes, Gets Weinstein on His Feet During Heated Debate (VIDEO) George Miller and DP John Seale Go Inside 'Mad Max: Fury Road': "It Was Like Being in a Video Game" George Miller and DP John Seale Go Inside 'Mad Max: Fury Road': "It Was Like Being in a Video Game" Natalie Portman's Passion Project 'Tale of Love and Darkness' Splits Cannes Critics Natalie Portman's Passion Project 'Tale of Love and Darkness' Splits Cannes Critics Cannes: 'Dogtooth' Director Yorgos Lanthimos Scores with Surreal, Macabre 'The Lobster' (Review and Roundup) Cannes: 'Dogtooth' Director Yorgos Lanthimos Scores with Surreal, Macabre 'The Lobster' (Review and Roundup) Weinstein Co. Offers Strong Slate at Cannes Weinstein Co. Offers Strong Slate at Cannes 'Mad Max: Fury Road' Auteur George Miller Does It His Way, No Matter How Long It Takes 'Mad Max: Fury Road' Auteur George Miller Does It His Way, No Matter How Long It Takes The Top 20 Episodes of 'Mad Men' The Top 20 Episodes of 'Mad Men' How the 'Mad Max: Fury Road' Score Paid Homage to Hitchcock's 'Vertigo' How the 'Mad Max: Fury Road' Score Paid Homage to Hitchcock's 'Vertigo' Why Kevin Costner Paid for 'Black or White' (New Trailer, Sneak Preview Q & A) Why Kevin Costner Paid for 'Black or White' (New Trailer, Sneak Preview Q & A)

BET Founder Robert L. Johnson to Buy Image Entertainment and Acorn Media to Form RLJ Entertainment

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood April 2, 2012 at 4:17PM

Black Entertainment Television founder Robert L. Johnson, chairman of RLJ Companies, has agreed to acquire home video distributor Image Entertainment and Brit DVD/streaming company Acorn Media Group. The new company will be called RLJ Entertainment, Inc; Johnson will serve as its Executive Chairman.
0
BET's Robert L. Johnson
BET's Robert L. Johnson

Black Entertainment Television founder Robert L. Johnson, chairman of RLJ Companies, has agreed to acquire 25-year-old home video distributor Image Entertainment and 28-year-old Brit DVD/streaming company Acorn Media Group. The new Los Angeles-based public company will be called RLJ Entertainment, Inc; Johnson will serve as its Executive Chairman.

California's Image Entertainment is "a leader in the urban, independent film, comedy, and horror genres," said Johnson in a statement. Image offers 3,700 exclusive DVD titles and approximately 350 exclusive CD titles in domestic release and more than 450 programs internationally via sublicense agreements; they release digital content through Netflix, Hulu and iTunes. “RLJ Entertainment will have a broad strategy for financial growth by providing content to all media platforms including broadcast and cable, DVD and Blu-Ray, digital downloads, and digital streaming."

Ted Green, Chairman and CEO of Image Entertainment, will serve as the Chief Executive Officer of RLJ Entertainment.

Silver Spring, Maryland company Acorn Media, which boasts a vast library of Brit TV series, and recently acquired a 64 percent stake in the Agatha Christie literary estate (40 television movies, 19 plays and more than 80 novels), will continue to be run by founder Peter Edwards, who will also serve as Vice Chairman of RLJ Entertainment. (TOH recently covered Acorn here).

Combined, the two media businesses would create one of the largest global indie distributors of digital and video content. Eventually, RLJ expects to trade shares of the new company on the NASDAQ Stock Market. More details from their press release:

Under the terms of the agreements, the holders of common stock of Image Entertainment will receive from RLJ Entertainment 2,139,000 shares of common stock of RLJ Entertainment and the holders of preferred stock of Image Entertainment will receive aggregate consideration of $22,600,000, which will be paid in cash and in the form of promissory notes to the holders of preferred stock of Image Entertainment. The shareholders of Acorn Media Group will receive $105 million in cash, 1,000,000 shares of common stock of RLJ Entertainment and warrants to purchase 1,000,000 shares of common stock of RLJ Entertainment. After the completion of the business combination, the current stockholders of Image Entertainment and Acorn Media Group will own approximately 11% and 5% of RLJ Entertainment, respectively, assuming no redemptions. The current stockholders of the Company will own approximately 74% of RLJ Entertainment, assuming no redemptions.

The business combination is subject to approval of the Company’s and Image Entertainment’s respective stockholders, as well as regulatory approval and other customary closing conditions. Assuming these conditions are met, the business combination is expected to be completed by the end of the second quarter of this year.

This article is related to: DVD and VOD, DVDs, Television


E-Mail Updates






Festivals on TOH