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Entertainment One raises £16m, eyes acquisitions

Entertainment One (eOne) has raised £16 million from a share placement in the UK.

The company built its TV division with the acquisitions of brands including Blueprint Entertainment, Barna-Alper and distributor Oasis International and has said it is reviewing acquisition opportunities.

Following the UK share placement, the TV and movie producer and distributor’s CEO, Darren Throop said that the cash will allow it to grow through, among other things, acquisitions.

Throop said: “eOne has cemented its position as a leading independent entertainment business and this placing will enable the Group to build on its strong foundations, allowing the Board to further drive shareholder value through earnings enhancing acquisitions and other strategic initiatives.”

eOne placed 10 million shares at £1.60 a share and said that the offer was two times oversubscribed.

The UK-listed company said in February that it had increased like-for-like TV revenues 87% in the nine months to end-2010 as zombie series The Walking Dead and kids show Peppa Pig drove growth in the TV division.