Entertainment One swoops for Phase 4 Films

 
Oliver Smith
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ENTERTAINMENT One, the FTSE 250-listed film and television distributor, has acquired north American films distributor Phase 4 Films for CA$27m (£18.2m).

The deal, which is expected to boost Entertainment One’s US film division, is comprised of 1.4m shares in Entertainment One and CA$19.3m in cash.

“We are delighted that the Phase 4 team is joining Entertainment One, bringing with them in-depth industry expertise to the film division,” said Entertainment One’s chief executive Darren Throop.

Phase 4 is the marketer, licensor and distributor of films in the US such as Assault on Wall Street and Crazy Kind of Love.

“Since its inception, Phase 4 has delivered good growth and we are confident that, as part of the group, the enlarged US business will realise further opportunities,” said Throop.

Phase 4 reported revenue of CA$51.7m during the 12 months to 31 March and profits of CA$4.1m.

Chief executive of Phase 4 Berry Meyerowitz will be appointed president of eOne’s Film businesses in the US following the close of the deal today with all of the Phase 4 team remaining with the business. eOne’s shares rose 3.57 per cent yesterday.