DreamWorks Animation SKG has announced that it has entered into
an agreement to acquire Classic Media, owner of one of the most
extensive portfolios featuring many of the best-known franchises in
all of family entertainment. Classic Media, the parent company of
Big Idea Entertainment and creator of VeggieTales, sold for 155
million in cash from Boomerang Media Holdings I LLC, a portfolio
company of Chicago-based private equity firm GTCR.
"Hollywood always wants to produce movies that reach different
audiences. They bound that to Christian brands," he offers. "Sony
last year lost 5.7 billion. They thought they were going to lose
5.2 billion, so it shocked Wall Street. Cut the money-making
division of Sony was Sony Affirm, which is the Christian division.
So, they buy these brands, they distribute the movies because they
know they make money."
In 2003, Classic Media bailed out Big Idea from bankruptcy,
buying the company and retaining the name.