Category: Business

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Former Disney chairman Joe Roths Revolution Studios, a film and television production company, has released the details regarding the roles that its investors will serve. Sony Pictures Entertainment, Starz! Encore Group and Fox Entertainment Groups were among the investors that have sunk US$3 billion into the five-month old production house. Additionally, Revolution has gained a controlling stake in the on-line entertainment channel MediaTrip.com.

Pulse Entertainment has received US$35 million in private equity funding led by Softbank Venture Capital, and others like Time Warners Web destination Entertaindom and Autodesk Inc. As part of the deal, exclusive content will be provided by Pulse for Entertaindom. "We cant release the names yet, but we have at least two shows in production," said Pulse CEO Fred Angelopoulos. However, the shows will come from Entertaindoms access to the Warner Bros. portfolio of characters. Currently, Pulse produces a 3D Webtoon based on the Looney Toons character Marvin the Martian.

The newest lawsuit hitting the embattled Cinar Corp. comes from a former exec, over his inability to exercise his stock options. At Cinar, Louis Fournier served as the companys vice president of distribution and left the company to serve as president of youth and animation programming at Montreal-based TVA International. Fournier is suing his former employer for reimbursement over stock options not paid to him when he exited the company in February 2000.

The FCC and Department of Justice have given the go ahead for AT&T to merge with MediaOne making the combined company the largest cable firm in the nation. One stipulation on the US$58 billion deals approval is that the company seal off its holdings in Road Runner, a high-speed Internet access service. The FCC also said that either AT&T has to sell its stake in Time Warner Entertainment, divest programming assets like Liberty Media or unload various cable systems within the next year. AT&T has six months to decided which of the three courses of action it will take.

New York City-based visual effects house, Black Logic, had launched a new broadband division. "We routinely take advantage of the Internet to show our advertising and broadcast clients their work-in-progress, as well as finished spots," said Alfie Schloss, Black Logic's VP of marketing.

Wild Brain Inc., a San Francisco-based animation producer, has landed US$20 million in its second round of financing, led by first round backers Interfase Capital Partners, LP. The new round of investment dwarfs the original round by $14 million. The funds will be used to continue wildbrain.coms Webisodes; produce POOCHINI, a TV series co-production with German EM.TV; and growing their CGI division with the completion of HUBERTS BRAIN.

India-based UTV Toons, a division of UTV Group a media and entertainment company, has signed a US$65 million deal with Ottawa-based Funbag Animation to produce nine animated series. Funbag will produce 26-episodes of each program over the next 3 years. Both companies will own all global merchandising rights. "This deal clearly puts India on the global map for animation," said UTV Group chairman Ronnie Screwvala. Recently, UTV produced JASON AND THE HEROES OF MOUNT OLYMPUS for Fox/Saban, co-produced KONG with BKN and co-produced FOR BETTER OR FOR WORSE with Funbag.

Phillip Bowman and Malcolm McGookin have formed a new animation house in Brisbane, Australia called ASTERISK* Animation. Bowman will serve as executive producer and McGookin as producer and director. Bowman has vast experience in both live-action production and animated television series. His credits include ABC network's LIZZIE'S LIBRARY and KITU AND WOOF. McGookin first started his animation career on the Cosgrove Hall shows COUNT DUCKULA and DANGERMOUSE. Afterwards, McGookin moved on to writing and directing AVENGER PENGUINS and TABALUGA in the U.K and Australia.

The former owners of Cinars subsidiary, HighReach Learning, Inc., have filed a lawsuit against the parent company to recover alleged losses related to a stock purchase agreement concluded with Cinar as part of the purchase price of HighReach in 1998. The complaint contains allegations that Cinar is liable for losses in stock due to the ongoing investigation into their alleged fraudulent actions. "These legal proceedings pertain to circumstances surrounding the stock purchase agreement negotiated between Cinar and the former owners of HighReach Learning in 1998.

Marvel Enterprises and Artisan Entertainment have entered into a joint venture that will send 15 Marvel superhero characters to Artisan for feature, TV, direct-to-video and Internet programming. Both companies will share in the money made from the properties and tied-in merchandising. Each company will own the programming library.

As anticipated, Marvel's net sales decreased over last years first quarter period due in part to film licensing revenue. The year-ago quarter included a non-refundable advance from Sony Pictures Entertainment for the feature film license of Spider-Man, as well as an advance from Universal Studios for a feature film based on The Hulk. Also, year-ago first quarter revenues reflected strong initial distribution shipments for the Toy Biz divisions new line of World Championship Wrestling (WCW) products.