Stock-based deal valued at about $93 million.
Lions Gate Entertainment is attempting to purchase fellow independent video company Image Entertainment. Over the last few weeks, Santa Monica, Calif.-based Lions Gate has purchased about 19% percent, or more than 4 million shares, of the Chatsworth, Calif.-based Image.
Lions Gate, known for its slate of theatrical and DVD films such as "Crash" and "Monster's Ball," is now offering to purchase Image's more than 21 million outstanding shares in a stock-based deal valued at about $93 million according to a regulatory filing.
If the offer is accepted, Lions Gate would significantly add to its video library. Image specializes in niche video product including music and urban-oriented titles, and has a library of 2,500 DVD titles and 200 audio releases.
Last month, Image acquired Home Vision Entertainment, a Chicago-based company which controls the well-known Criterion Collection DVD line.