Monday, Peace Arch Entertainment Group Inc. (PAE,PAE.TO) announced that it sold all of the shares of its North American home entertainment operations to Phase 4 Films Inc., a new entity to be led by current Peace Arch Home Entertainment President, Berry Meyerowitz.
The transaction includes the sale of all of Peace Arch's home entertainment operations in the United States and Canada, including Peace Arch's 50% interest in Peace Arch Home Entertainment, LLC, a 50/50 joint venture between Peace Arch and Contentfilm Plc.
Under the terms of the agreement, Phase 4 assumes about $7.75 million of debt currently owed by Peace Arch and its subsidiaries to various parties and relieves Peace Arch of a loan guaranty of $2.95 million. Peace Arch also becomes an 8.8% shareholder in Phase 4, with whom it has entered into a long-term distribution agreement.
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