HALIFAX – Children's entertainment company DHX Media has bought Degrassi producer Epitome Pictures for $33 million in stock and cash, the companies announced Thursday.
Helmed by Linda Schuyler and Stephen Stohn, Toronto-based Epitome Pictures has been making award-winning television for more than 30 years. For the most recent year ended May 2013, Epitome generated revenue of approximately $24.4 million and earnings before interest, taxes, depreciation and amortization of approximately $6.6 million.
Stohn will remain the president of Epitome and he and Schuyler will carry on as executive producers of all current productions, including the fourteenth season of Degrassi: The Next Generation. The Epitome team also has new productions in development that they will continue to foster, in conjunction with DHX Media.
The transaction includes a library of 469 half-hours across five series in the Degrassi franchise; other Epitome series including The L.A. Complex, Instant Star, Riverdale and Liberty Street; and Epitome Studios Inc., which owns a 98,400 square foot studio on a 4.3 acre site in Toronto.
"The Degrassi franchise has become a perennial favourite with teens around the world since its inception in 1980," said DHX Media CEO Michael Donovan, in the announcement. "With Degrassi's enduring international appeal and suitability for digital broadcast, this iconic Canadian show represents a highly complementary addition to our library and is a compelling and logical expansion for DHX Media from kids into the global teen market."
“DHX Media's commitment to strong youth programming, combined with their expertise across all facets of traditional and digital TV, makes them ideally suited to shepherd Degrassi into the future”, added Linda Schuyler and Stephen Stohn, CEO & executive producer and president & executive producer, respectively. “We are delighted that Degrassi has found a home with a Canadian firm of this pedigree, and we look forward to working with them as Degrassi continues its journey."
