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.