The final distressed asset of the Destra group, Magna Pacific, has been sold by receivers Korda Mentha for $4.3 million to Beyond International.
The asset was snapped up at a substantially discounted price by production company Beyond, which was ironically subject to a failed takeover bid by Destra in early 2008. Takeover talks collapsed when Destra failed to raise the necessary capital for the acquisition. At the time Beyond had a market value of $76.7 million.
The cash acquisition of Magna Pacific is being funded from Beyond¹s existing cash reserves and surplus cash from operations. The new business is expected to be earnings per share accretive immediately in the 2009 financial year.
The existing key management team of Magna led by Phil Maddison will remain.
Magna Pacific holds the DVD rights the extensive television programming catalogue of the Discovery Channel that features such program franchises as American Chopper, Miami Ink, Deadliest Catch and American Hot Rod. The company also specialises in children¹s programming, with brands such as Bratz, Pokemon, Roary The Racing Car, Care Bears and Teenage Mutant Ninja Turtles.
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