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Tuesday, Aug 16, 2022
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Image Ready to Field Offers

The Chief Executive Officer of Image Entertainment said Tuesday that the company’s growing video and audio library continues to be eyed by competing firms for a potential acquisition. Image’s library of 2,700 video and audio titles a number that is growing by the month is “coveted” by other companies, CEO and Chairman Martin Greenwald said. “If people are looking at our library, that is an enhanced resource,” Greenwald said. Greenwald and Chief Financial Officer Jeff Framer spoke at the Jeffries Gaming, Lodging, Media and Entertainment Investor Conference in Las Vegas. Image was the target of a takeover last year by Lions Gate Entertainment Corp., which had its offer turned down by Image’s board of directors. Lionsgate holds 19 percent of Image stock. “Lion’s Gate’s price did not define what we believe the company is worth,” Greenwald said of why the offer was rejected. Earlier this year, investment banking firm Lazard Freres and Co. was brought on board by Image to examine all strategic and financial opportunities and the company maintains a Special Committee set up to review the Lionsgate offer and any future offers. While Image prepares to release new product, including its first high-definition DVD by the end of the year, and perhaps buy out smaller companies, it is still waiting for another suitor to step up to the plate, Greenwald said. “When that does happen the special committee and the lawyers will look at it and make a fair and just decision,” Greenwald said.

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