Handleman Company Acquires Majority Stake in itsy bitsy Entertainment, Holder of Rights to
Teletubbies and Other Entertainment Properties
CEO, Kenn Viselman, to Assume Additional Duties as Chairman of the Board Of The itsy bitsy
Entertainment Company
May 18, 1998 07:01 AM
TROY, Mich., May 18 /PRNewswire/ -- Handleman Company HDL today announced that its wholly owned
subsidiary North Coast Entertainment and The itsy bitsy Entertainment Company, an entertainment
marketing firm with exclusive rights to a number of prestigious children's properties, including Teletubbies,
Tots TV, Noddy and Miss Spider, have entered into an agreement for the purchase of shares of itsy bitsy
Entertainment. Following consummation of this agreement, North Coast now owns a 75% stake in itsy bitsy
Entertainment. Under the terms of the deal, itsy bitsy Entertainment will establish a children's unit with
responsibility for the acquisition, development and marketing of future children's entertainment properties
and concepts for North Coast Entertainment.
Managerial and operating control of itsy bitsy Entertainment will remain with its current management, which
is headed by the company's founder and chief executive officer, Kenn Viselman, who is retaining a
meaningful minority interest in the company. Mr. Viselman will also take on additional responsibilities as
chairman of itsy bitsy Entertainment's board of directors.
The transaction advances a long-standing relationship among North Coast, its subsidiary Anchor Bay
Entertainment Inc., itsy bitsy Entertainment and Mr. Viselman. Anchor Bay has worked with The itsy bitsy
Entertainment Company and Kenn Viselman on Tots TV, another series by Ragdoll Productions, the
creators of Teletubbies, and previously while Mr. Viselman was at QFE, by establishing the video label for
Thomas The Tank Engine with Anchor Bay. Anchor Bay continues to hold the video rights to Thomas the
Tank Engine, Tots TV and other successful properties.
"We are pleased to be broadening our relationship with Kenn Viselman and his team at itsy bitsy
Entertainment and are looking forward to having much greater involvement in the children's market as a
result of this deal," said Stephen Strome, president and chief executive of Handleman. "Given the
extraordinary track record of Kenn Viselman, we are confident that he and his team are capable of leading
Handleman's efforts to increase its development of properties targeted to the children's market, particularly
the preschool segment."
Stephen Nadelberg, president of North Coast Entertainment said, "In the person of Kenn Viselman, this
transaction brings to North Coast and Handleman one of the top children's entertainment and licensing
executives in the industry and positions us to take a leading role in this fast growing area of the licensing
business."
Prior to founding itsy bitsy Entertainment in 1995, Mr. Viselman was with BAI (formerly known as Quality
Family Entertainment) as head of sales and marketing. MEXX USA, Inc. and Jerrel, Inc. Mr. Viselman has
received several licensing awards for his accomplishments in managing such children's entertainment
properties as Thomas the Tank Engine & Friends, which under his direction became one of the world's
largest revenue-generating licensed entertainment characters.
"I am looking forward to working with Handleman to take itsy bitsy Entertainment to the next level of its
development and to helping North Coast and other Handleman units acquire new properties and develop new
concepts," said Mr. Viselman. "Clearly they are committed to playing a major role in the children's
entertainment end of the business, and our partnership with them will allow us to strengthen our position
significantly as we pursue our mutual goals."
"I have put together a core team of 25 professionals who have proven to be outstanding in their respective
areas," continued Viselman. "I am sure that with their input and the current climate in the area of children's
entertainment, The itsy bitsy Entertainment Company will continue to have a strong impact in this arena."
The itsy bitsy Entertainment Company was launched to offer creators of unique properties a strong,
dedicated merchandising, promotions and marketing partnership. The company is known for creating
Safehaven Entertainment programming and products that promote positive care giving while enhancing
children's lives.
North Coast Entertainment develops, publishes and markets family entertainment and educational
multi-media products through four primary businesses: Anchor Bay Entertainment, Madacy Entertainment,
Sofsource, and Sell-Through Entertainment.
Handleman Company, with annual sales in excess of $1 billion, is the largest supplier and merchandiser of
music, video, books and personal computer software products sold in North America's leading retail chains.
Handleman's 3,600 employees ship products to approximately 16,600 retail departments from distribution
facilities located in the U.S., Canada, Mexico, Argentina and Brazil. |
