DHX Media has signed a definitive agreement to sell its Halifax animation studio.
Financial terms of the deal were not disclosed, but CBC reports IoM Media Ventures to be the buyer.
The kids’ content and brand company is headquartered in the Candian city, and says its decision to sell the business is part of an ongoing strategic shift to focus on streamlining its production operation.
Michael Donovan, CEO and Executive Chairman, DHX Media, says the divestiture “will generate operating efficiencies by consolidating animation production, and aligns with our objectives of rationalising costs, simplifying our organisation and focusing resources”.
The sale is expected to close by the end of the year and is subject to a number of conditions and third-party consents.
This Hour Has 22 Minutes, a weekly Canadian news satire show that airs on CBC Television, is not part of the deal and will remain owned by DHX and produced in Halifax.DHX Media will report its most recent quarterly earnings on 13 November before markets open.