LazyTown’s share capital has been increased by ISK 912 million (7 million dollar). The money is to be used to produce new TV shows. Filming of the episodes has started and it is planned that they will end in two weeks, but then post-production will begin. This is according to a plan that was put forward when the American company Turner Broadcasting bought the company about a year ago, according to information from the company’s financial manager. The episodes are filmed in Iceland.
Turner Broadcasting owns television channels such as CNN and Cartoon Network. The share capital of Turner’s subsidiary, Turner Broadcasting System Iceland, was increased, according to a notification to the Companies Register.
Have a 40% stake in the sale
LazyTown’s finances had to be reorganized after the bank collapse. During the restructuring, the creditors acquired 60% of the company’s capital. Magnús Scheving, the company’s founder, and his wife Ragnheiður Melsteð had a 40% share, according to a report on Vísir.is, when the sale was announced. So it was these shareholders who sold their shares to Turner. It has been stated in the media that Turner’s investment amounts to about 2.5 billion ISK (21 million dollar). Magnús still holds the reins despite having sold the company. He is the director, directs the shows, writes the script and plays one of the main roles of the shows, Sportacus.
LazyTown has been shown in 170 countries and reaches children in 500 million homes. The company has around 300 active contracts at any given time, both with television stations and various producers who have signed an agreement to use the brand, as stated in Morgunblaðin in May.
Viðskiptablaðið Innlent – 14 september 2012
The share capital of LazyTown’s key owner, Turnar Broadcasting System Iceland, has been increased by ISK 912 million (7 million dollar) and the funds are to be used for the production of new LazyTown episodes.
In today’s Morgunblað it is reported that filming has already started and that it is planned to be completed in half a month, in October 2012. After shooting, post-production takes over.
The American media conglomerate Turner Broadcasting, which owns television channels such as CNN and Cartoon Network, bought LazyTown in a financial restructuring of the company a year ago in September 2011.
Business magazine reported a year ago that Turner Broadcasting bought LazyTown for 2.5 billion ISK (21 million dollar) and that Sports legend Magnús Scheving retained the CEO’s chair. At the same time, it was reported that the company plans to immediately start production of new TV episodes. He directs the shows, writes scripts and plays Sportacus himself.
LazyTown has been shown in 170 countries and reaches children in 500 million homes. The company has around 300 active contracts at any given time, both with television stations and various producers who have signed an agreement to use the brand, as stated in Morgunblað in May 2012.
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