The talks were first reported by the. The negotiations are accelerating but a source close to the situation cautions there’s still no certainty that a deal will come to fruition. The discussions under way with Centricus are said to value Imagine Entertainment, one of Hollywood’s largest independent content producers, at about $600 million to $700 million. The company has been in the hunt for a capital infusion through an equity sale for some months.
Imagine Entertainment declined to comment. Centricus could not immediately be reached on Saturday. Investment firm Raine Group, which owns 51% of Imagine after investing $100 million in the firm starting in 2016, is expected to retain a small piece of the company even if a deal with Centricus is completed.
Founded in 1986 by Howard and Grazer, “Apollo 13,” “A Beautiful Mind” and “Arrested Development” producer Imagine Entertainment has been up for sale for a while at a time when major players in the media industry are looking to acquire as much content as possible, whether it be to attract ad buyers or subscribers to streamers.
The company is in the midst of major structural changes that could also driven by a pending transaction. Howard and Grazer named Jax Media’s Tony Hernandez and Lilly Burns co-presidents of Imagine, giving them full creative control of scripted film and television. They will continue to operate Jax in addition to developing and producing at Imagine. Their previous hits include the just-renewed “Emily in Paris” at Netflix, HBO Max’s “Search Party,” and the awards player “Russian Doll.
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