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Pink Slips to Fly at DIC

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Pink Slips to Fly at DIC

Following its acquisition by Canada’s Cookie Jar Ent., DIC Ent. could be facing job cuts, according to The Hollywood Reporter. DIC’s corporate office in Burbank, Calif., which has already been taken over by Cookie Jar, is expected to be hit the hardest as Cookie Jar CEO Michael Hirsh is quoted saying that an ‘integration plan’ is expected to be announced by the end of August.

In June of this year, Cookie Jar agreed to pay approximately $31.5 million for all issued and outstanding equity in DIC in a transaction valued at approximately $87.6 million. DIC will continue to operate as a subsidiary of Cookie Jar, which will remain a private company. DIC founder Andy Heyward has signed a new contract to stay involved with company. Reportedly, the firings would eliminate positions already served by Cookie Jar personnel.

The merger between Cookie Jar and DIC has created one of the world’s largest independent children’s entertainment and education companies with an animation library consisting of nearly 6,000 half-hours of programming. Cookie Jar also acquires merchandising and licensing rights to such successful brands as Inspector Gadget, Horseland, Cake, Mommy & Me and American Greetings’ Strawberry Shortcake, which has earned $3 billion at retail since DIC re-launched the brand in 2004.

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