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Thursday, May 30, 2024

IDT Entertainment Sold to Liberty

Liberty Media Corporation announced Wednesday it was acquiring IDT Entertainment Co., a deal expected to close in three months. The Englewood, Colo.-based Liberty will pay $186 million in cash, 17.2 million shares of IDT stock, and assume IDT’s debt. IDT, with headquarters in Newark, N.J. and an office in Burbank, is the parent of Film Roman, the animation company behind “The Simpsons,” “King of the Hill,” and other popular animated programs. Film Roman, located at the Burbank office, also creates animated programming for DVD, online, mobile and other digital platforms. The deal will provide Liberty’s Starz Entertainment Group with animated and live action programming for domestic and international release. The sale of IDT capitalizes on the value the company has created to generate attractive returns for its shareholders, said IDT Chief Executive Officer Jim Courter. “We believe that Liberty Media’s Starz Entertainment Group is the right company to realize IDT Entertainment’s full potential,” Courter said. Once the deal is closed, IDT Entertainment and Starz will enter into a five-year programming deal to allow Starz to broadcast certain IDT animated theatrical releases and live action programming.

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