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Cookie Jar, American Greetings settle litigation
Thursday July 24th 2008Toronto’s Cookie Jar Entertainment has acquired the Strawberry Shortcake and Care Bears properties for $195 million in a deal that settles litigation initiated by American Greetings Properties and enables the completion of the acquisition of DIC Entertainment.
Last month, American Greetings obtained a temporary restraining order blocking the sale of DIC to Cookie Jar over concerns for its Strawberry Shortcake brand. The legal action came just a day after Cookie Jar announced its acquisition of DIC in a transaction valued at $87.6 million.
The combined Cookie Jar/DIC library will now include content from Strawberry Shortcake and Care Bears, which, since being re-introduced in 2002, have generated more than $5 billion combined in retail sales of licensed product. Cookie Jar is also securing from American Greetings the rights to Sushi Pack, a new property created by Studio Espinosa and co-produced by American Greetings and DIC Entertainment. Additionally, Cookie Jar has granted American Greetings a ten-year exclusive inbound licensing agreement for social-expression products on all three properties.
“When Cookie Jar was founded we wanted to become an international power in children’s entertainment programming,” said Cookie Jar’s CEO, Michael Hirsh. “We have been filling Cookie Jar with great properties such as Caillou, Arthur, Johnny Test and The Doodlebops. The acquisition of DIC and now Strawberry Shortcake and Care Bears makes us the fastest-growing independent player in the industry.”
Josef Mandelbaum, the CEO of the Intellectual Property Group at American Greetings, added: “Strawberry Shortcake and Care Bears have been synonymous with American Greetings for more than 25 years and are beloved by all. We are very confident that Cookie Jar will be able to take these two properties to new heights. This is a great outcome for our company and shareholders that has allowed us to realize significant value from all of our past efforts in these properties.”
American Greetings Properties will now focus its efforts on licensing, marketing and promotional programs for its other franchises. These include Twisted Whiskers, Mad Balls, Holly Hobbie, TinPo and its new preschool property, Maryoku Yummy.
DIC, meanwhile, will now function as a wholly-owned subsidiary of Cookie Jar. The combined library is home to almost 6,000 half hours of content. The merged firm also owns a third of KidsCo.
“This transaction is an important milestone in our growth strategy and we continue to be receptive to deals that meet our criteria for excellence,” said Hirsh.
Toper Taylor, the president and COO of Cookie Jar, added: “DIC expands our merchandising and licensing capabilities, adds valuable relationships with consumer brands such as McDonald’s, General Mills and Wal-Mart, and deepens our network in the global children’s entertainment industry. Michael and I look forward to working with Andy Heyward, who will focus on new strategic opportunities for Cookie Jar and build on his relationships in the industry. We are going to move quickly to integrate DIC’s existing operations into Cookie Jar’s ongoing businesses and platforms.”
DIC’s longtime chief, Andy Heyward, has inked a long-term employment agreement with Cookie Jar. “I am very pleased to be joining Cookie Jar, a profitable and well-capitalized company led by two of our industry’s most successful executives,” he said. “This merger is an exciting development for the future of children’s entertainment worldwide.”
Source: WorldScreen
Headline, Industry News
Cookie Jar, American Greetings settle litigation
Thursday July 24th 2008Toronto’s Cookie Jar Entertainment has acquired the Strawberry Shortcake and Care Bears properties for $195 million in a deal that settles litigation initiated by American Greetings Properties and enables the completion of the acquisition of DIC Entertainment.
Last month, American Greetings obtained a temporary restraining order blocking the sale of DIC to Cookie Jar over concerns for its Strawberry Shortcake brand. The legal action came just a day after Cookie Jar announced its acquisition of DIC in a transaction valued at $87.6 million.
The combined Cookie Jar/DIC library will now include content from Strawberry Shortcake and Care Bears, which, since being re-introduced in 2002, have generated more than $5 billion combined in retail sales of licensed product. Cookie Jar is also securing from American Greetings the rights to Sushi Pack, a new property created by Studio Espinosa and co-produced by American Greetings and DIC Entertainment. Additionally, Cookie Jar has granted American Greetings a ten-year exclusive inbound licensing agreement for social-expression products on all three properties.
“When Cookie Jar was founded we wanted to become an international power in children’s entertainment programming,” said Cookie Jar’s CEO, Michael Hirsh. “We have been filling Cookie Jar with great properties such as Caillou, Arthur, Johnny Test and The Doodlebops. The acquisition of DIC and now Strawberry Shortcake and Care Bears makes us the fastest-growing independent player in the industry.”
Josef Mandelbaum, the CEO of the Intellectual Property Group at American Greetings, added: “Strawberry Shortcake and Care Bears have been synonymous with American Greetings for more than 25 years and are beloved by all. We are very confident that Cookie Jar will be able to take these two properties to new heights. This is a great outcome for our company and shareholders that has allowed us to realize significant value from all of our past efforts in these properties.”
American Greetings Properties will now focus its efforts on licensing, marketing and promotional programs for its other franchises. These include Twisted Whiskers, Mad Balls, Holly Hobbie, TinPo and its new preschool property, Maryoku Yummy.
DIC, meanwhile, will now function as a wholly-owned subsidiary of Cookie Jar. The combined library is home to almost 6,000 half hours of content. The merged firm also owns a third of KidsCo.
“This transaction is an important milestone in our growth strategy and we continue to be receptive to deals that meet our criteria for excellence,” said Hirsh.
Toper Taylor, the president and COO of Cookie Jar, added: “DIC expands our merchandising and licensing capabilities, adds valuable relationships with consumer brands such as McDonald’s, General Mills and Wal-Mart, and deepens our network in the global children’s entertainment industry. Michael and I look forward to working with Andy Heyward, who will focus on new strategic opportunities for Cookie Jar and build on his relationships in the industry. We are going to move quickly to integrate DIC’s existing operations into Cookie Jar’s ongoing businesses and platforms.”
DIC’s longtime chief, Andy Heyward, has inked a long-term employment agreement with Cookie Jar. “I am very pleased to be joining Cookie Jar, a profitable and well-capitalized company led by two of our industry’s most successful executives,” he said. “This merger is an exciting development for the future of children’s entertainment worldwide.”
Source: WorldScreen
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Headline, Industry News
Cookie Jar, American Greetings settle litigation
Thursday July 24th 2008Toronto’s Cookie Jar Entertainment has acquired the Strawberry Shortcake and Care Bears properties for $195 million in a deal that settles litigation initiated by American Greetings Properties and enables the completion of the acquisition of DIC Entertainment.
Last month, American Greetings obtained a temporary restraining order blocking the sale of DIC to Cookie Jar over concerns for its Strawberry Shortcake brand. The legal action came just a day after Cookie Jar announced its acquisition of DIC in a transaction valued at $87.6 million.
The combined Cookie Jar/DIC library will now include content from Strawberry Shortcake and Care Bears, which, since being re-introduced in 2002, have generated more than $5 billion combined in retail sales of licensed product. Cookie Jar is also securing from American Greetings the rights to Sushi Pack, a new property created by Studio Espinosa and co-produced by American Greetings and DIC Entertainment. Additionally, Cookie Jar has granted American Greetings a ten-year exclusive inbound licensing agreement for social-expression products on all three properties.
“When Cookie Jar was founded we wanted to become an international power in children’s entertainment programming,” said Cookie Jar’s CEO, Michael Hirsh. “We have been filling Cookie Jar with great properties such as Caillou, Arthur, Johnny Test and The Doodlebops. The acquisition of DIC and now Strawberry Shortcake and Care Bears makes us the fastest-growing independent player in the industry.”
Josef Mandelbaum, the CEO of the Intellectual Property Group at American Greetings, added: “Strawberry Shortcake and Care Bears have been synonymous with American Greetings for more than 25 years and are beloved by all. We are very confident that Cookie Jar will be able to take these two properties to new heights. This is a great outcome for our company and shareholders that has allowed us to realize significant value from all of our past efforts in these properties.”
American Greetings Properties will now focus its efforts on licensing, marketing and promotional programs for its other franchises. These include Twisted Whiskers, Mad Balls, Holly Hobbie, TinPo and its new preschool property, Maryoku Yummy.
DIC, meanwhile, will now function as a wholly-owned subsidiary of Cookie Jar. The combined library is home to almost 6,000 half hours of content. The merged firm also owns a third of KidsCo.
“This transaction is an important milestone in our growth strategy and we continue to be receptive to deals that meet our criteria for excellence,” said Hirsh.
Toper Taylor, the president and COO of Cookie Jar, added: “DIC expands our merchandising and licensing capabilities, adds valuable relationships with consumer brands such as McDonald’s, General Mills and Wal-Mart, and deepens our network in the global children’s entertainment industry. Michael and I look forward to working with Andy Heyward, who will focus on new strategic opportunities for Cookie Jar and build on his relationships in the industry. We are going to move quickly to integrate DIC’s existing operations into Cookie Jar’s ongoing businesses and platforms.”
DIC’s longtime chief, Andy Heyward, has inked a long-term employment agreement with Cookie Jar. “I am very pleased to be joining Cookie Jar, a profitable and well-capitalized company led by two of our industry’s most successful executives,” he said. “This merger is an exciting development for the future of children’s entertainment worldwide.”
Source: WorldScreen
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