Mergers and Acquistions News
Categories: Media & Information Services
December 30th 2008, 15:41PM
A leading entertainment organisation is reportedly in discussions to raise new funds to wipe out its high debt levels.
Entertainment Rights, which owns the rights to classic children's TV characters such as Basil Brush and Postman Pat, is reported to be in talks with an unnamed suitor with regards to a possible merger or acquisition offer.
The firm, which has debts of around £125 million, produces DVDs and merchandise based upon the much-loved characters and a stock exchange announcement has said talks are ongoing with potential investors, which could lead to an overall offer for the company
HBOS has provided £13 million to cover "potential cash flow shortfalls" in the short-term.
Theodore Kyriku, vice-chairman of Greek media group Antenna, recently said the firm was targeting future acquisitions within the UK.
He did not rule out a possible move for terrestrial channel ITV, but stated that UK television was high on the firm's agenda.
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