CANNES: Toonz Entertainment, a preeminent content and animation company which incorporates flagship division Toonz Animation in India, has entered into an agreement to acquire 100 per cent of Imira Entertainment, one of Spain’s leading production and distribution company specialising in youth programming.

At the on-going global market for entertainment content across all platforms held in Cannes, MIPCOM 2014, Toonz Animation CEO P Jayakumar and Imira Entertainment CEO Sergi Reitg today announced the development. The transaction is set to be finalised on completion of due diligence.

The far-reaching agreement will see Imira continue to operate as a separate production and distribution entity with its existing management structure, but the companies will jointly exploit the opportunities and synergies created by the acquisition to offer combined content creation strength and global distribution.

Imira will handle television and licensing rights for Toonz Animation-produced content in regions where is has an established foothold including Europe, US, Latin America and Africa with Toonz utlilsing its relationships in Asia and Pacific territories on behalf of Imira.  Imira will also benefit from investment and production partnership potential from its parent company.
 

Jayakumar said: “Adding Imira Entertainment to the Toonz Group brings significant complementary services and areas of expertise to our offering. Sergi and his team have a tremendous track record and we look forward to working with them to leverage our combined strengths.”

Reitg adds: “Toonz Animation has a world-class pedigree in television and film. It is an exciting home for Imira Entertainment and a natural fit, and we are looking forward to working with our new colleagues to maximise the potential of our partnership.”