Cinergi sells last asset

'Evita' soundtrack last asset sold in liquidation of production co.

NEW YORK — Cinergi Pictures Entertainment Inc. agreed Monday to sell the “Evita” soundtrack to Walt Disney Co. for $1.5 million, enabling Cinergi’s stock buyout offer to be raised by 11¢ a share to $2.52.

The “Evita” soundtrack was the final asset that had not yet been sold in the effective liquidation of Cinergi, in which the indie’s film library is to be sold to Disney and its rights to “Die Hard With a Vengeance” are going to 20th Century Fox. The remaining cash will be distributed to shareholders in a buyout bid undertaken by Cinergi chairman and controlling share-holder Andrew Vajna.

Cinergi originally set the buyout offer at $2.30, gradually increasing it to the current offer of $2.52 as more money came in from various small deals.

Cinergi said Monday that while there is still the possibility of further price increases depending on the amount of corporate overhead until the buyout is completed and the amount of receivables collected on “An Alan Smithee Film,” it “does not presently believe … that there is a significant likelihood” that the price will go up any further.

Cinergi stock, which had traded only just above $2 for the past few weeks, rose 16¢ to $2.37 Monday as confidence the offer would be completed grew. Cinergi delayed again the date of a shareholders meeting to vote on the asset sales to Dec. 23, it said in an SEC filing.

More Biz

  • Kevin Durant LeBron James

    Kevin Durant Praises LeBron James' Lakers Move

    NEW YORK — Cinergi Pictures Entertainment Inc. agreed Monday to sell the “Evita” soundtrack to Walt Disney Co. for $1.5 million, enabling Cinergi’s stock buyout offer to be raised by 11¢ a share to $2.52. The “Evita” soundtrack was the final asset that had not yet been sold in the effective liquidation of Cinergi, in […]

  • Kevin Durant Rich Kleiman

    Kevin Durant Shares His Media Biz Playbook at Variety Sports & Entertainment Breakfast

    NEW YORK — Cinergi Pictures Entertainment Inc. agreed Monday to sell the “Evita” soundtrack to Walt Disney Co. for $1.5 million, enabling Cinergi’s stock buyout offer to be raised by 11¢ a share to $2.52. The “Evita” soundtrack was the final asset that had not yet been sold in the effective liquidation of Cinergi, in […]

  • David-Zaslav-Discovery Sun Valley Conference

    A Look at Key Trends Facing Media and Tech Companies Ahead of Q2 Earnings

    NEW YORK — Cinergi Pictures Entertainment Inc. agreed Monday to sell the “Evita” soundtrack to Walt Disney Co. for $1.5 million, enabling Cinergi’s stock buyout offer to be raised by 11¢ a share to $2.52. The “Evita” soundtrack was the final asset that had not yet been sold in the effective liquidation of Cinergi, in […]

  • Spotify logo is presented on a

    Spotify Launches Feature to Help Artists, Labels Submit Music to Playlists

    NEW YORK — Cinergi Pictures Entertainment Inc. agreed Monday to sell the “Evita” soundtrack to Walt Disney Co. for $1.5 million, enabling Cinergi’s stock buyout offer to be raised by 11¢ a share to $2.52. The “Evita” soundtrack was the final asset that had not yet been sold in the effective liquidation of Cinergi, in […]

More From Our Brands

Access exclusive content