Dove Entertainment announced the completion of a deal for a $6 million equity investment from Media Equities Intl. and Dove principals Michael Viner and Deborah Raffin. The deal represents $3 million more than the previously announced MEI investment (Daily Variety, March 5).
MEI, a new investment group made up of former entertainment execs, has invested $3 million and will receive 1.5 million shares of company stock with options to purchase more. Viner and Raffin kicked in $1 million in a similar stock deal. The deal includes a scheduled second equity infusion from MEI and Viner and Raffin of $2 million, to be completed by May 25.
In addition, MEI principals Ken Gorman, John T. Healy and Ronald Lightstone have joined Dove’s board of direc-tors, now numbering nine. Lightstone joins Viner and board chairman Jerry Leider on the exec committee.
Dove is a leader in the audio books market, and also is involved in TV and film production.