KOCH Entertainment Acquires Navarre's Music Distribution Business
PORT WASHINGTON, NY -- (MARKET WIRE) -- May 14, 2007 -- KOCH Entertainment, the U.S. subsidiary of Entertainment One Ltd. (the "Company"), which has recently been listed on the London Stock Exchange's AIM market, today announced that it has entered into a conditional agreement to acquire Navarre Entertainment Media Inc. Navarre Entertainment Media is a distributor of independent music labels in the United States. The total consideration for the acquisition is $6.5 million, to be funded by existing cash resources within the Company, and the assumption of certain liabilities. Navarre Entertainment Media generated over $50 million in net revenues during its last fiscal year which ended on March 31, 2007. The Company believes that the acquisition represents a unique opportunity to leverage the existing KOCH infrastructure and generate significant cost synergies alongside consolidating its position as the leading independent music distributor in North America.
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