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Toonz Entertainment, a content and animation company that operates its flagship Toonz Animation here, is taking over Imira Entertainment, a Spanish production and distribution company.
P Jayakumar, CEO of Toonz Animation, and Sergi Reitg, CEO of Imira Entertainment, announced this on Monday in Cannes, Paris, a Toonz Animation spokesperson said here.
The transaction is set to be finalised on completion of due diligence. Imira specialises in youth programming.
Joint opportunitiesAfter the takeover, Imira will continue to operate as a separate production and distribution entity with its existing management structure.
But the two companies will jointly exploit opportunities created by the acquisition to offer combined content creation strength and global distribution.
Imira will handle television and licensing rights for Toonz Animation-produced content in regions where it has an established foothold, including Europe, the US, Latin America and Africa.
On its part, Toonz will utilise its relationships in Asia and Pacific territories on behalf of Imira. The latter will also benefit from investment and production partnership potential from its parent company.
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