Gaga topper Tom Yoda has led a management buyout of the indie distributor from broadband and media conglom Usen.
Usen made Gaga a subsid in January 2005, but Gaga fell into the red as flops outweighed the occasional hits.
Gaga has stopped acquisitions to concentrate on distribution in partnership with other companies. Usen has been trying to improve its cash flow by hiving off unprofitable businesses, including video portal Gyao and content provider Showtime. Gaga’s total capitalization is $140.7 million.