Lions Gate Media has agreed to buy the documentary-production company Termite Art Prods. for $2.75 million in common shares of the parent Lions Gate.
The transaction represents Lions Gate Media’s first deal since Lions Gate Entertainment formed the company earlier this year.
The Los Angeles-based Termite Art creates documentaries and other reality programming for such networks as Discovery Channel, MTV, FX, PBS, History Channel and the Fox broadcast network. The principals of Termite Art, Erik Nelson and David Harding, have signed an exclusive three-year contract to continue running the company under Lions Gate.
The deal is subject to approval by the Lions Gate board and the Toronto Stock Exchange.