$6.5 mil sends int'l distrib'r to indie prod co
HOLLYWOOD — Indie TV production company the Producers Entertainment Group has struck a deal to acquire Manhattan Beach-based distrib MediaWorks Intl. in a deal valued at about $6.5 million.
TPEG also said Monday that it is planning to offer a one-for-three reverse stock split in an effort to boost its stock price and reduce the number of shares outstanding from about 18 million to roughly 6 million in an effort to make the company more attractive to investors. TPEG’s stock price closed up 3¢ Monday to 53¢. The stock split is subject to shareholder approval at the company’s annual meeting in April.
The privately held MediaWorks specializes in international distribution of kidvid and family-oriented TV and homevideo fare, and is about to unveil two co-production deals marking its entry into original series production. TPEG aims to keep the MediaWorks imprint intact as its distribution and co-production arm when the acquisition is complete. TPEG will exhibit its wares in MediaWorks’ booth at next month’s Mip-TV programming market in Cannes.