Rank Group has agreed to sell its 50% stake in Universal Studios Escape to Blackstone Capital Partners for $275 million.
There are still some conditions to be met before the deal is closed, but if it goes through, Blackstone will take over Rank’s share in Universal Studios Florida, Islands of Adventure and Universal Studios CityWalk.
The deal does not include Rank’s interest in three hotels at USE and its stake in Universal Studios Japan.
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Kids media company Nelvana announced plans Thursday to issue 2.5 million subordinate voting shares in order to raise about C$50 million ($33.8 million.)
Co-CEO Michael Hirsh said the Toronto-based children’s animation company will use the money to replace some of the bridge financing that was put in place in May when the company acquired California-based children’s book publisher Klutz for $74 million.
The transaction will also see Nelvana listed for the first time on the Nasdaq.