You will be redirected back to your article in seconds

Fireworks backs CanWest bid

Offer available to shareholders until June 15

TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago.

CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former Alliance heavyweight Jay Firestone.

The recommendation, which was sent out in a directors’ circular, was based upon the findings of a special committee of independent directors of Fireworks looking into the fairness of CanWest’s offer of C$3.50 per share ($2.40 per share) to minority shareholders. CanWest’s offer will be available to shareholders until June 15.

Fireworks shoot up

Fireworks released its first quarter results late last week with consolidated revenues of $13 million, up 38% from last year’s first quarter of $9.5 million. Increased deliveries from “F/X: The Series” and a new production titled “Real Kids, Real Adventures” as well as higher library sales were responsible for the jump.

Net earnings increased to $1 million, up from $412,000, and earnings per share increased slightly to 6.2¢ cents per share from 5.5¢. Gross profit increased to $2.1 million from $1 million for the same period last year.

More Biz

  • Brian Roberts Comcast

    Comcast CEO Brian Roberts: Sky Is a Great Opportunity but Not a 'Necessity'

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • 'Sully' Airplane Costs Trigger Warner Bros.

    Warner Bros. Faces Tax Fraud Investigation for 'Sully' Airplane Costs (EXCLUSIVE)

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • viacom logo

    International TV Growth, Paramount Gains Power Viacom Q2 Earnings

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • Fireworks light up the sky during

    Comcast Beats Q1 Forecasts as NBCUniversal Revenue Boosted by Super Bowl, Olympics

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • APOS: Iflix Revamps Video Streaming Model

    APOS: Iflix Revamps Video Streaming Model for Developing Markets

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • Kanye West VMAs

    Kanye West and Manager Scooter Braun Part Ways Professionally

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

  • Roc Nation Names Phil McIntyre President

    Roc Nation Names Phil McIntyre President of Management (EXCLUSIVE)

    TORONTO — The board of directors of Fireworks Entertainment have recommended that shareholders tender their shares to CanWest Global’s bid of 10 days ago. CanWest Global announced in early May that it had acquired a majority equity and voting interest in the Toronto-based film and TV production, distribution and financing company headed up by former […]

More From Our Brands

Access exclusive content