Canadian broadcaster CanWest Global Communications Corp. has reached an agreement for ContentFilm International Ltd. to buy its international film and TV program library for $29 million.
TORONTO (The Hollywood Reporter) -- Canadian broadcaster CanWest Global Communications Corp. has reached an agreement for ContentFilm International Ltd. to buy its international film and TV program library for $29 million.
The Fireworks' library includes such TV series as "Zoe Busiek," "Wildcard," "Andromeda" and "Mutant X" and such theatrical features as "Rat Race," "Hard Ball" and "Rules of Engagement."
The assets have been recorded as a discontinued operation since Winnipeg, Manitoba-based CanWest Global in April 2004 shuttered its Fireworks Entertainment production arm and took a CAN$200 million ($159 million) write-down on its film and TV library.
CanWest Global initially acquired a controlling stake in Fireworks in 1998 for CAN$40 million ($32 million) and invested heavily in productions developed and produced by Fireworks founder/CEO Jay Firestone, a former executive at Alliance Communications Corp. But Fireworks struggled when international markets for its slate of sci-fi and action series began weakening.
In a statement April 29, CanWest Global said it will not gain or lose on the deal with London-based ContentFilm, which is expected to close around June 15, pending ContentFilm shareholder approval.
Sales and distribution employees at CanWest Entertainment International Distribution, a division of CanWest Global, will be offered jobs by ContentFilm.