TOKYO — Toon house Production I.G plans to make comic publisher Mag Garden a wholly owned subsidiary in December to use its properties as the basis for toons, the company announced on Wednesday.
Production I.G, which owns about 15% of Mag Garden shares, will acquire the remainder through a stock swap, with two Mag Garden shares being exchanged for 1 Production I.G. share. Mag Garden will then be delisted from the Mothers section of the Tokyo Stock Exchange.
Founded in June, 2001 Mag Garden publishes four comic mags under the Comic Blade label, as well as more than 100 stand-alone paperbacks. The company is capitalized at Y540,971,000 ($4.4 million). It has had a business tie-up with Production I.G. since November.
Production I.G. is a major Japanese toon house, whose feature credits include “Ghost in the Shell,” “Innocence: Ghost in the Shell 2,” “Evangelion: Death and Rebirth” and the animated segments in “Kill Bill.”