Ron Howard's Imagine Entertainment in talks to sell majority stake to Centricus
Film, TV production company Imagine Entertainment was founded by Ron Howard and Brian Grazer
Imagine Entertainment, the film and TV production company co-founded by Ron Howard and Brian Grazer, is in talks to sell a majority stake to Centricus, a London-based investment firm, according to people familiar with the matter.
The talks with Centricus value Imagine, known for hits including "Cinderella Man," "Apollo 13" and "Inside Man," at between $600 million and $800 million, the people said. Centricus is in talks to purchase more than 70% of the company, the people said.
Messrs. Howard and Grazer will remain shareholders, and Imagine’s executives will continue to steer the studio’s creative output, some of the people said. Merchant bank Raine Group will also continue to own shares, some of the people said.
NASDAQ FALLS 2.5%+ AS TECHS TUMBLE
The talks with Centricus might not result in a deal. Other suitors have also expressed interest in Imagine, some of the people said.
A flurry of deal making has swept Hollywood in recent months as companies cash in on the demand for films and TV shows for emerging streaming services. One early milestone was Candle Media’s August deal to acquire Hello Sunshine, the media company founded by Reese Witherspoon, for about $900 million.
CLICK HERE TO READ MORE ON FOX BUSINESS
Since then, several companies have sold outright or taken on new investors, including Westbrook Inc., the media company co-founded by Will Smith and Jada Pinkett Smith, AGBO, the media company co-founded by "Avengers: Endgame" directors Joe and Anthony Russo and SpringHill Co., the media company co-founded by NBA star LeBron James.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Candle Media earlier this year agreed to purchase Moonbug Entertainment, the creator of children’s show "CoComelon," for more than $2.75 billion.