HALIFAX – DHX Media is buying Cookie Jar Entertainment in a $111 million deal that will result in Canada's largest children's entertainment company.
The two program distributors said Monday that the combined company will own more than 8,000 hours of children's entertainment that includes globally recognized brands such as Caillou, Inspector Gadget and Yo Gabba Gabba, that can be seen in over 160 countries.
"The acquisition of Cookie Jar is a transformational event for DHX that will significantly enhance our scale and our growth opportunities," said DHX CEO Michael Donovan, in a statement. "Through this combination, we will strengthen our portfolio of brands, global reach, management depth and our position in the rapidly emerging digital distribution channels to become the market leader."
"Cookie Jar joining forces with DHX results in a company that is an independent global market leader in all aspects of children's entertainment from distribution to production to licensing and merchandising”, added Michael Hirsh, Cookie Jar's CEO. “There is an insatiable appetite for kids content in the new digital streaming universe and we are very well positioned with our extensive library of evergreen, popular and recognizable brands to satisfy the market demand."
Following the closing, Donovan will continue to serve as CEO while Hirsh will become executive chairman of DHX. Steven DeNure and Dana Landry will continue in their current roles of president & COO, and CFO, respectively. Cookie Jar's current president & COO Toper Taylor will continue to focus on digital distribution and business development, and Aaron Ames, CFO of Cookie Jar, will assume the role of chief integration officer reporting directly to the CEO.
Completion of the transaction is subject to a number of conditions including approval by a majority vote of DHX's shareholders.
