Integrated Media Company, a New York-based private equity firm and a division of TPG that invests in media companies, has announced that it will acquire Toon Boom Animation, a Montreal-based 2D animation software company, for CAD147.5m (USD111m) from Nelvana, a Canadian cartoon company owned by Corus Entertainment.
Toon Boom Animation’s products are used by major players in the animation industry such as Disney Television Animation, Amazon, Fox Television Animation, Nelvana, and Toei Animation.
The acquisition will allow Corus Entertainment to pay down its debt and increase its financial flexibility. Colin Bohm, Executive VP of Content and Corporate Strategy at Corus Entertainment, stated that the move will also sharpen the company’s focus as it advances its strategic plan and priorities.
Corus Entertainment is a major buyer of American series from Hollywood studio suppliers and has been restructuring its original scripted and unscripted content teams to create one team of programming executives working together across TV genres.
