Relativity, Ex-CEO Can't Stop Disney Acquisition of Maker Studios
Despite some last-minute excitement, the Disney acquisition of multi-channel network (MCN) Maker Studios will proceed as planned. Relativity Media made a late offer to buy Maker for up to $1.1 billion, besting Disney's offer of $500 million in cash and $450 in stock if performance targets are met, but it did no good. Maker reports that its board of directors and the majority of its shareholders had already approved Disney's offer. Pending regulatory approval, the deal should close in a few weeks.
Relativity isn't done with the digital space, but will look for new ventures. "We will continue to aggressively explore future opportunities that align with our strategy to accelerate digital content creation and distribution," said a Relativity spokesperson.
Another potential spoiler, this one a lawsuit filed by former Maker CEO Danny Zappin and three other former Maker executives, also failed to stop the deal. StreamingMedia.com reported on Friday that Zappin applied for a temporary restraining order, attempting to halt the shareholder vote on the grounds that the shareholders hadn't been informed about a previous lawsuit (also filed by Zappin), and so didn't have the information they needed to vote. Yesterday, the Superior Court for the State of California in Los Angeles rejected that suit.
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