Salah M. Hassanein, president and CEO of the Todd-AO Corp., and Intl. Video Conversions Inc. chairman and CEO Ken Holland on Thursday announced that an agreement in principle has been concluded, subject to due diligence and final documents, for the Todd-AO Corp. to acquire all of the stock of Burbank-based Intl. Video Conversions.
Intl. Video Conversions is engaged in the business of providing a full range of videotape services, specializing in duplication, telecine and conversions, including HDTV.
“We are particularly pleased with our prospective association with Intl. Video Conversions and more so because of the enlistment of the services of Ken Holland. We believe Ken Holland can add considerably to the technological know-how vitally needed today to meet the challenges of the future in the post-production field,” Hassanein said.
“We also are gratified with IVC’s current involvement in HDTV conversions. We believe this field could proliferate in the future. We also are very mindful of the quality of the executives managing Intl. Video Conversions with Ken Holland. We believe that this acquisition will reflect positively in the future earnings of our company.”
“IVC looks forward to its future association with Todd-AO and I am convinced that our two companies will offer powerful technology and unique post-production capabilities to the entertainment industry. I personally look forward to working with Mr. Hassanein and contributing to the growth of Todd-AO Corp.,” Holland said.
The stock of Intl. Video Conversions is owned substantially in its entirety by Holland, who will enter into an employment contract with Todd-AO. It’s anticipated the deal will conclude by the end of March.