Children’s entertainment firm, DHX Media has acquired the Epitome group of companies, the producer of the hit teen-drama series, Degrassi.
The purchase was made for approximately $33 million, of which $19.5 million was cash on hand and the remainder through 2,915,263 DHX shares.
The acquisition includes a library of 469 half hours across five series of the Degrassi franchise, 216 half hours of other Epitome series, and Epitome Studios Inc, a 98,400 square foot studio in Toronto.
“The Degrassi franchise has become a perennial favourite with teens around the world since its inception in 1980,” said Michael Donovan, CEO of DHX Media.
“With Degrassi’s enduring international appeal and suitability for digital broadcast, this iconic Canadian show represents a highly complementary addition to our library and is a compelling and logical expansion for DHX Media from kids into the global teen market.”
Epitome has been making award-winning TV shows for 30 years and has produced five series under its Degrassi franchise.
“Over the past thirty-four years, we have had the great pleasure of seeing Degrassi become not only part of the fabric of Canadian television, but also of teen culture worldwide,” said Linda Schuyler and Stephen Stohn, CEO and executive producer and president and executive producer, respectively, of Epitome.
“DHX Media’s commitment to strong youth programming, combined with their expertise across all facets of traditional and digital TV, makes them ideally suited to shepherd Degrassi into the future. We are delighted that Degrassi has found a home with a Canadian firm of this pedigree, and we look forward to working with them as Degrassi continues its journey.”