Matthews to sell grip biz

Phillips to buy outfit for $15 mil

Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business.

The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will head the new company, which is expected to retain its name. The split includes the transfer of all of Matthews’ shares of common stock in the subsidiary to Phillips in exchange for his 1.9 million shares of Matthews stock. Phillips will also assume $5 million of debt Matthews Group invested in the subsidiary. The deal is expected to be completed by the end of summer.

More Biz

  • Jack Ma Alibaba

    Alibaba Looking at Expansion in Advertising, Media Sectors

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • Mandatory Credit: Photo by AP/REX/Shutterstock (9178399b)Hillary

    Hillary Clinton Talks Russia, Trump, Putin and Midterm Elections at NYC Festival

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • Richard Simmons

    Prosecutors Charge Private Eye With Illegal Spying on Richard Simmons

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • Lionsgate General Counsel Left Amid Allegations

    Lionsgate General Counsel Left Amid Allegations of Sexual Abuse

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • 'Hammerhead' Takes Top Honors at New

    'Hammerhead' Takes Top Honors at New York Television Festival

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • Radiohead Coachella

    Radiohead Demands Answers in Drum Technician's Death

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

  • Kevin Durant LeBron James

    Kevin Durant Praises LeBron James' Lakers Move

    Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business. The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will […]

More From Our Brands

Access exclusive content