ER no longer in takeover talks

Board says that the firm has "significant underlying value" and remains in a strong position to generate returns.
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Entertainment Rights is no longer in takeover talks, according to internet reports this afternoon.

Sharecast is reporting that shares in the firm dipped slightly after the announcement was made by chairman Rod Bransgrove.

"The board of ER believes that the company has significant underlying value and remains in a strong position with regard to generating returns from its extensive portfolio of brands and content," Bransgrove commented.

"The appointment of Nick Phillips has chief executive officer in March 2008 provides the company with the leadership to drive its growth going forward."

Last month, Entertainment Rights said that pre-tax profit increased by 45 per cent to £12.6 million (£8.7 million in 2006) for the financial year ending December 31st 2007.

Revenue for the period increased by 129 per cent to £68.1 million.

ER has some major plans on the horizon for 2008. The brand relaunch of Postman Pat is underway, with a new series - Special Delivery Service - due to air on Cbeebies this autumn.

Product development is underway with master toy licensee Character Options, with the likes of track systems, locations, playsets and plush due to launch in January 2009. The toy launch will be supported by a major national TV ad drive.

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