DHX Media signs deal to sell Halifax animation studio
Terms of deal not disclosed, sale does not include This Hour Has 22 Minutes
DHX Media Ltd. has signed a deal to sell its Halifax animation studio to IoM Media Ventures. Financial terms of the deal were not disclosed.
DHX says the sale is part of its ongoing strategic shift to focus and streamline its production operations. The children's entertainment company noted the sale does not include This Hour Has 22 Minutes, which continues to be owned by DHX Media, produced in Halifax and broadcast on CBC.
"The sale will generate operating efficiencies by consolidating animation production, and aligns with our objectives of rationalizing costs, simplifying our organization and focusing resources," Michael Donovan, CEO and executive chairman of DHX Media, said in a news release.
The sale is expected to close by the end of the year, subject to customary closing conditions.
DHX completed a strategic review earlier this year that ended with a deal to boost distribution and sales of its Peanuts brand in China and elsewhere in Asia. The company also suspended its dividend, cut staff and streamlined operations.
DHX says it owns the world's largest independent library of children's content, including Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the acclaimed Degrassi franchise.