Sheridan Square Entertainment is close to acquiring the assets of V2 North America according to sources. The pact has been signed off on by both parties and the final steps are being taken to close the deal this week.
Under the deal Sheridan Square will continue to use the V2 brand name and a strategic partnership between the two is expected. As part of the partnership, V2 North America will continue to serve as the U.S. and Canadian licensor for the V2 Group’s global roster, and Sheridan Square can exercise an option to use V2 as a licensor as well.
When the acquisition is completed, the Sheridan Square and V2 North America staffs likely will be rationalized to obtain cost savings, although senior management like V2 North America CEO Andy Gershon and Artemis president Danial Glass are expected to stay on. Both will report directly to Anil Narang and Joe Bianco, co-CEOs of Sheridan Square.
Terms of the deal are not expected to be disclosed immediately, but Billboard estimates that Sheridan Square is paying about $15 million for the V2 assets. Executives at the three companies either declined or were unavailable to comment.
Meanwhile, the deal is expected to result in a two month-day to the planned merger between Sheridan Square and Hirsch International (Billboard, Oct. 22). Hirsch will have to file a new proxy statement incorporating V2’s financial results with the SEC.
