WINNIPEG – CanWest Global completed the sale of its production arm, Fireworks Entertainment this afternoon.
More specifically, CanWest Entertainment International Distribution (an indirect, wholly-owned subsidiary of CanWest Global Communications Corp.) sold Fireworks Entertainments’ international film and television program receivables and rights to ContentFilm International, Limited.
When the sale was first announced in April of this year, the sale price for the library was $35 million (US$29 million). Since then, CanWest has collected $12 million (US$10 million) of receivables in respect of the programming in question, and the sale price was adjusted accordingly.
On completion, CEID received adjusted sale proceeds of $23 million (US$19 million). Since February 2004, these assets have been accounted for at their fair value as a discontinued operation; accordingly, no gain or loss will be recognized on the transaction.
Fireworks’ library includes international rights to a variety of television series, such as Zoe Busiek: Wild Card and the sci-fi series Andromeda and Mutant X, and feature films such as Rat Race, Hard Ball and Rules of Engagement.
