(NYSE: EK) announced that it has completed the acquisition of
Media Corporation (Nasdaq NM: LPAC), a leading Hollywood-based post-production company.
Laser-Pacific stockholders voted on Oct. 30 to approve the acquisition, which was previously announced on Aug. 1, 2003. Kodak acquired the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling approximately $30.5 million, will be paid in cash. As of June 30, Laser-Pacific had $1.9 million in net debt.
Laser-Pacific will operate as a wholly owned subsidiary of Kodak, and will become a part of the company’s Entertainment Imaging services group, headed by Bertrand Decoux, vice president and general manager. Emory Cohen, co-founder of Laser-Pacific, will lead the subsidiary as CEO.
Laser-Pacific was founded in 1990, and has earned six Emmy awards for outstanding achievement in engineering development. It provides a full spectrum of post-production services for television, home video and motion pictures, including film processing and transfer, editing, mastering, digital preview, and DVD compression and authoring services. Laser-Pacific and Cinesite, Kodak’s visual-effects and digital restoration and mastering subsidiary, will be the hub of Kodak’s worldwide Entertainment Imaging services group.