Cable programmer Intl. Family Entertainment is expanding into live entertainment. To that end, the company announced Wednesday that it has signed a letter of intent to purchase a majority stake in Calvin Gilmore Prods. Ltd., a producer of live music variety shows in South Carolina.
According to a press release, IFE plans to not only expand CGP, which now produces shows through three theaters in Myrtle Beach, S.C., into other parts of the country, but will also use it as a source of programming for its Family Channel cable network and even as a basis for MTM Records — a new record label that would feature CGP artists.
“This transaction represents a wonderful opportunity for IFE to expand into live entertainment,” said Tim Robertson, CEO of IFE.
“Calvin Gilmore has built a hugely popular entertainment phenomenon, which can be duplicated in other parts of the country and which, through the Family Channel, can reach an even broader audience.”
Cash, notes mix
While specific terms of the proposed transaction were not disclosed, a release said the purchase price will be paid through a mixture of cash and notes.
It is currently anticipated that the purchase will close during the fourth quarter.
In addition to an ongoing equity position in CGP, Calvin Gilmore will remain as chief executive officer of CGP under a long-term management contract.