Image Entertainment Seeking to Buy Music Firm
Image Entertainment Inc., a Chatsworth licensee and distributor of laser discs, said it is negotiating with Englewood Cliffs, N.J.-based Essex Entertainment Inc. to acquire substantially all the assets of Essex’s music business.
Essex is an independent music company that owns a classical music library and specializes in compilations. Sales in 1995 were $36 million.
If the deal is struck, the acquisition will be closed by the end of the year and Essex executives will be put in charge of a new Image subsidiary in charge of Essex’s business.
The deal would be financed by a loan from Image Investors Co., principal stockholder of Image, owned and controlled by John W. Kluge and Stuart Subotnick.
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