11/08/2018 | Press release | Distributed by Public on 11/08/2018 07:02
Halifax, NS - 8 November 2018 - DHX Media (or the 'Company') (TSX: DHX, NASDAQ: DHXM), a global children's content and brands company, has signed a definitive agreement to sell its Halifax animation studio. The sale is part of the Company's ongoing strategic shift to focus and streamline its production operations.
'The sale will generate operating efficiencies by consolidating animation production, and aligns with our objectives of rationalizing costs, simplifying our organization and focusing resources,' said Michael Donovan, CEO and Executive Chairman, DHX Media.
DHX Media is headquartered in Halifax. The sale does not include This Hour Has 22 Minutes, which continues to be owned by DHX Media and produced in Halifax.
The sale is expected to close on or about December 31, 2018, and is subject to customary closing conditions, applicable third party consents and the execution of certain ancillary agreements.
For more information, please contact:
Investor Relations: Nancy Chan-Palmateer - Director, Investor Relations, DHX Media Ltd.
Media: Shaun Smith - Director, Corporate & Trade Communications, DHX Media Ltd.
About DHX Media
DHX Media Ltd. (TSX: DHX, NASDAQ: DHXM) is a global children's content and brands company, recognized for such high-profile properties as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the acclaimed Degrassi franchise. One of the world's foremost producers of children's shows, DHX Media owns the world's largest independent library of children's content, at 13,000 half-hours. It licenses its content to broadcasters and streaming services worldwide and generates royalties through its global consumer products program. Through its subsidiary, WildBrain, DHX Media operates one of the largest networks of children's channels on YouTube. Headquartered in Canada, DHX Media has offices worldwide. Visit us at www.dhxmedia.com.
This press release contains 'forward-looking statements' under applicable securities laws with respect to DHX Media including, without limitation, statements regarding statements regarding the business strategies and operational activities of DHX Media and its subsidiaries, the completion of the prospective transactions and expected benefits flowing therefrom. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and are based on information currently available to the Company. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations, among other things, include the satisfaction of other conditions to closing the transactions, including applicable third party consents and the mutual agreement to the ancillary commercial agreements, the ability of the parties to execute on the transactions, market factors, contract interpretation, application of accounting policies and principles and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under 'Risk Factors' in the Company's most recent Annual Information Form and annual Management Discussion and Analysis, which also form part of the Company's annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.