Monday, diversified entertainmentand media firm Walt Disney Co. (DIS) said it inked deal to acquire outstanding shares of pan-European kids entertainment company Jetix Europe N.V. for EUR 11 per share. This brings Walt Disney's stake to around 96% in Jetix Europe. The transaction is expected to complete before the end of 2008.
Walt Disney noted that after the completion of the deal, it plans to obtain ownership of 100% of the shares in Jetix, including through statutory buy-out proceedings. Further, Disney and Jetix intend to seek termination of Jetix's listing on Euronext Amsterdam.
Anne Sweeney, co-chair, Disney Media Networks and president, Disney-ABC Television Group, commented, "Television continues to be a strong brand builder for Disney around the world and this investment enhances our efforts to reach kids and families. By achieving operating efficiencies, we will have additional opportunities to create more family-friendly programming and locally-produced content across Europe."
Disney acquired its original interest in Jetix Europe, which was formerly Fox Kids Europe, when it bought Fox Family Worldwide from News Corp. (NWS) in 2001.
Shares of DIS closed Friday's regular trading at $22.77, up $0.98 or 4.50%, on a volume of 18 million shares.
NWS closed Friday's session at $8.76, up $0.46 or 5.54%, on a volume of 6.68 million shares.
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