Becker to sell Magna Pacific stake

Oz distrib to continue to release pix to DVD via Magna

SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash.

In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share.

Becker, which is active in film distribution, exhibition and production, will continue to release its feature films to the DVD market via Magna Pacific. The sale to Magna is subject to Beckers’ shareholders approval.

“This sale frees up cash flow allowing us to take advantage of strategic expansion opportunities and to reduce debt,” said Becker Group managing director Richard Becker.

More Digital

  • trt world

    How Turkey’s TRT World Wants to Win Over U.S. Online Video Viewers (EXCLUSIVE)

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • CaptainSparkelz - Pocket.watch

    YouTube Creators CaptainSparklez, EvanTube Sign With Kid-Media Startup Pocket.watch

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • Peter Thiel

    Billionaire Peter Thiel Sells Majority of Facebook Stake, Pocketing $29 Million

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • Facebook

    Unsure if You Fell For Russia's Fake News? Facebook Will Tell You Soon

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • New Media old media shakeup

    Murdoch Sale Talks Underscore Digital's Effect in Disrupting Hollywood

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • Mosaic app

    Steven Soderbergh's 'Mosaic' App Is Now Available on Android

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

  • John Oliver Net Neutrality

    What the Repeal of Net Neutrality Will Mean for Hollywood

    SYDNEY — Australian entertainment firm the Becker Group said Monday that it’s selling its 50% stake in DVD/video distrib Magna Pacific to its partner, Magna Pacific Holdings, for A$27 million ($19 million) in cash. In turn, Magna will sell its 20.7% stake in Becker for 28 cents per share. Becker, which is active in film […]

More From Our Brands

Access exclusive content