LazyTown stands stronger than ever. The company's relatives are big-hearted and seem to have every reason to be optimistic about the business in the coming years. "We have just become part of the Turner group, which in turn is part of Time Warner. Those agreements were finalized late 2011, and the purpose, among other things, to bring on board an owner who has the right distribution channels," say...
The media giant Turner Broadcasting System, which belongs to Time Warner, offers to pay 12 million dollars for the entire capital of LazyTown.
If Magnús Scheving, Ragnheiður Melsteð and other shareholders accept the takeover bid, Turner Broadcasting will acquire LazyTown. The picture shows Sigurður Stefánsson, Magnús Árnason, Magnús Scheving and Guðmundur Magnason, the managers of LazyTown.
A company owned by the American media giant Turner Broadcasting System has submitted a takeover bid for the entire share capital of LazyTown (LazyTown Entertainment). According to sources in business newspaper Viðskiptablað, Turner is offering a 20% higher price than the company was assessed for during the financial restructuring that was completed last summer.
According to the offer, the value of the share capital is estimated at $12 million, equivalent to over 1.4 billion ISK. The company’s debts amount to about 2.5 million dollars and the total value of LazyTown is estimated at 14.6-15.1 million dollars, about 1.7 billion ISK at the current exchange rate.
The board of LazyTown has been looking for foreign investors since the restructuring was completed, with the aim of enabling LazyTown to grow. Upon restructuring, creditors acquired 60% of the company’s share capital. Magnús Scheving, founder and CEO of the company, and his wife Ragnheiður Melsteð hold a 40% share.