Comic Book Web Sites II

» Robert - Harvey News

Harvey to purchase production company - September 30, 1999

Company Press Release

LOS ANGELES (BUSINESS WIRE) - The Harvey Entertainment
Company (NASDAQ:HRVY) today announced that it has signed a
letter of intent for the acquisition of PM Entertainment Group, a
privately-owned producer and distributor of motion pictures in the U.S.
home video, television and Internet broadcasting markets as well as in
international markets. The Company expects the transaction to close
before December 15, 1999. PM Entertainment, with estimated annual
revenues in excess of $30 million, has substantial production and
post-production capabilities and a library of over 150 films. PM
Entertainment will be operated as a separate, wholly-owned division of
Harvey Entertainment, under the direction of George Shamieh, PM
Entertainment president. Harvey president, Rick Mischel, will continue
to lead Harvey Entertainment, focusing on developing and producing
children's and family product, based on the Harvey Classic Characters
and new character acquisitions, for worldwide distribution.

PM Entertainment produced and distributed the TNT television series
"LA Heat" as well as serving as distributor of "Hollywood Safari" to the
Discovery Channel, and is a major supplier of product for HBO World
Premier movies, USA Network and other broadcasters. The
Company's catalog includes films in all major genres: action-adventure,
thriller, romantic comedy, science-fiction and family films. The
Company owns a 120,000 square-foot production studio north of Los
Angeles and provides facilities for production, post-production,
including a full-service sound facility, and location shooting for television
and motion picture companies. The Company was founded in 1986 by
Richard Pepin and Joseph Mehri with George Shamieh joining as a third
partner in 1988.

Roger Burlage, Chairman and CEO of Harvey Entertainment,
commented, "There are substantial benefits and synergies in the
acquisition of PM Entertainment, including the expansion of our
entertainment library, proven international distribution and a domestic
home video sales operation. The separate divisions will allow each
company to focus on the unique product each brings to the table. Under
the direction of George Shamieh, PM Entertainment will continue to
focus on the distribution of high quality action, sci-fi and specialized
independent motion pictures for the U.S. home video, television and
international markets. Harvey will also be able to utilize the studio
facilities for upcoming productions."

George Shamieh, President of PM Entertainment said, "We're delighted
to join forces with Harvey Entertainment and their very high caliber
team of respected entertainment industry executives, lead by Roger
Burlage. The acquisition teams PM Entertainment with a very attractive
entertainment growth platform, including broader access to capital,
additional management depth and in-house licensing capabilities, while
providing Harvey with both production capabilities as well as instant
distribution access to international and other markets."

George Shamieh joined PM Entertainment in 1988 as President of
International Sales and became the company's third equity partner
shortly thereafter.

-- posted by Robert

Permalink Print Discussion Join the latest discussions