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Topic: Kodak Completes Acquisition of Laser-Pacific Media Corporation
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John Pytlak
Film God
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Posts: 9987
From: Rochester, NY 14650-1922
Registered: Jan 2000
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posted 11-04-2003 01:11 PM
http://www.kodak.com/US/en/motion/news/laserPacific.shtml
quote: Kodak Completes Acquisition of Laser-Pacific Media Corporation HOLLYWOOD, October 31, 2003—Eastman Kodak Company (NYSE: EK) announced that it has completed the acquisition of Laser-Pacific Media Corporation (Nasdaq NM: LPAC), a leading Hollywood-based post-production company.
Laser-Pacific stockholders voted on October 30 to approve the acquisition, which was previously announced on August 1, 2003. Kodak acquired the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling approximately $30.5 million, will be paid in cash. As of June 30, Laser-Pacific had $1.9 million in net debt.
Laser-Pacific will operate as a wholly owned subsidiary of Kodak, and will become a part of the company's Entertainment Imaging services group, headed by Bertrand Decoux, vice president and general manager. Emory Cohen, co-founder of Laser-Pacific, will lead the subsidiary as CEO.
Laser-Pacific was founded in 1990, and has earned six Emmy® awards for outstanding achievement in engineering development. It provides a full spectrum of post-production services for television, home video and motion pictures, including film processing and transfer, editing, mastering, digital preview, and DVD compression and authoring services. Laser-Pacific and Cinesite, Kodak's visual-effects and digital restoration and mastering subsidiary, will be the hub of Kodak's worldwide Entertainment Imaging services group.
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