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...
Turner’s takeover bid for all of the capital in LazyTown ehf. is subject to certain conditions, where Turner offers to buy LazyTown for around 1.4 billion ISK ($12 million), as business newspaper Viðskiptablað reported today.
More conditions apply to the takeover of Magnús’s share than to the share of other shareholders, according to the sources of Viðskiptablað. Turner’s wish is for Magnús to remain in charge. Then Magnús and Ragnheiður must invest in the new management company of LazyTown for the sale proceeds of 40% of their shares. That share is, according to Turner’s offer, worth $4.8 million.
The company that takes over LazyTown has an Icelandic ID number and is now fully owned by the Turner group. According to the terms of the takeover offer, Magnus would not be allowed to sell his shares in the new company for the next three years.
Magnús Scheving could not be reached during the processing of the news despite repeated attempts. Guðmundur Magnason, manager of LazyTown, said it was not time to discuss possible agreements and did not want to comment at this time.