Eastman Kodak Company has entered into an agreement to purchase Laser-Pacific Media Corporation, a major Hollywood-based post-production company with $31.8 million in revenues in fiscal year 2002.
Under terms of the agreement, Kodak will acquire the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling $30.5 million, will be paid in Kodak stock or cash at Kodak's option. As of March 31, 2003, Laser-Pacific had $3.3 million in net debt.
Laser-Pacific will operate as a wholly owned subsidiary of Kodak, reporting to the company's Entertainment Imaging products and services operation. Emory Cohen, co-founder and president of Laser-Pacific, will lead the subsidiary.
Laser-Pacific provides a full spectrum of post-production services for television, home video and motion pictures. These services include film processing and video transfer, editing, mastering, digital preview services, and DVD compression and authoring.
The acquisition will allow Kodak to establish a major presence in television post-production and further extends the company's current digital services capabilities in the feature film market.
The transaction is subject to the approval of Laser-Pacific's stockholders, SEC regulatory compliance and certain other customary conditions. The parties expect that the acquisition will close early in the fourth quarter of 2003.
For more information visit www.kodak.com/go/motion.
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