Heap Exits Entertainment Rights as Sales Talks Continue

Heap Exits Entertainment Rights as Sales Talks Continue - License

Heap Exits Entertainment Rights as Sales Talks Continue

Publish date: Apr 1, 2008
Source: License! Global Weekly E-news

Former Warner Music boss Nick Phillips has joined Entertainment Rights as chief executive after the sudden departure of Mike Heap, as the business continues talks with two prospective buyers. ER said this week that the preliminary talks would not necessarily lead to an offer for the business, and that any offer made may not be at a level acceptable to shareholders.

Phillips, 44, was previously chairman and chief executive of Warner Music UK. Prior to that he was managing director and chairman of Universal Music UK.

ER will report preliminary results for the year ended December 31, 2007 during the week of April 7th.

Chairman Rod Bransgrove said: “There is no certainty that an acceptable offer will be made for the company and the board remains cognizant of its ongoing fiduciary responsibilities to the Company’s shareholders. The decision to appoint Nick Phillips as chief executive has been taken to ensure that the company maintains an absolute focus on delivering shareholder value, and in re-establishing shareholder confidence.”

In other news, Entertainment Rights has signed worldwide distribution rights (excluding Thailand and with shared representation in Japan and Korea) for the CGI-animated (26 x 30min) series “Shelldon”, produced by Shellhut Entertainment. The agreement covers worldwide rights across all forms of television, digital media, home entertainment, music, licensing, and merchandising and all other media.

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