Classic Media LLCs purchase of Big Idea Prods. was confirmed by the Bankruptcy Court for the Northern District of Illinois. While Classic had already put up more than $7 million dollars to acquire the company, Big Idea was put on the auction block on Oct. 28 to satisfy a bankruptcy code mandate. The sale is expected to close by Dec. 15, 2003.
Despite the success of its Christian Bookseller Association bestseller The Ballad of Little Joe and Jonah: A VeggieTales Movie, which grossed more than $25 million at the box office, Big Idea has had rough sledding this past year after losing a breach-of-contract suit with a former distributor. The company also says it made a regrettable business decision in putting its lucrative direct-to-video business on hold to produce a theatrical feature.
Chicago-based Big Idea produces stories to help parents teach children important life lessons from a Judeo-Christian worldview. Its publishing partner Zondervan has placed four titles in the top 100 kids books in 2002, and its new Easter special, An Easter Carol, will be released in February 2004.
Classic Media owns and manages some of the most recognizable family properties in film, television, home video and consumer products. Among its holdings are Lassie, The Lone Ranger, Rudolph the Red-Nosed Reindeer, Pat the Bunny and the Golden Books brand.