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Imagi Buys ‘Pleasant Goat’ Makers Toon Express Group
Imagi International is on the move again, acquiring Chinese company Toon Express Group and its Pleasant Goat and Big Big Wolf property, reports Variety.
The $130 million deal will see an up-front cash payment of $105 million, with the rest of the purchase price covered by consolidation shares. Variety reports $30 million more will come from promissory notes dependent on Toon Express’ performance over the next two years.
The move comes after the Hong Kong-based Imagi underwent a major restructuring after its CG-animated Astro Boy feature flopped. Key to Imagi’s interest in Toon Express is its key commercial agreements with Creative Power Entertaining and Disney Enterprises.
The Pleasant Goat series has been a hit on TV and in features in mainland China, with its three features earning an estimated $54 million to date.