WASHINGTON, DISTRICT OF COLUMBIA - 02/22/2021 — The leadership of DHS announced that today it will acquire Carolco. The financial value of the deal was not disclosed but an Economic Times report pegs it at $375 million.
DHS has bought the firm through its associates Harlingen & Sons, Shandon Company Limited along with IMK Investment, a group company.
In 2020, AB Studios, a South Korean film company, jointly bought Carolco for about $145 million. In January 2021, DHS bought Carolco entire stake for close to $375 million.
With Carolco accounting for 9% of the global entertainment share, DHS is looking at an expanded global footprint with this deal. DHS is one of the most venture capitalists in the area of productions and manufacturers of movies and entertainment with six locations and operations across four countries while DHS operates 11 studios in nine countries, including the US, Canada, Brazil, Germany, Spain, South Korea and China, employing 1,300 people.
Carolco Enterprises, which the DHS regards as a core business, is part of the defunct Carolco Pictures that went under in 1975. Carolco was an American independent motion picture production company that existed from 1976 to 1995, founded by Mario Kassar and Andrew G. Vajna. Kassar and Vajna ran Carolco together until 1989. Carolco hit its peak in the 1980s and early 1990s, with blockbuster successes including the first three films of the Rambo series, Terminator 2: Judgment Day, Total Recall, Basic Instinct and Stargate. Cutbacks at Carolco also forced the studio to make a deal with TriStar over the funding of the Stallone action film Cliffhanger: Carolco would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France to TriStar in exchange for half of the film’s budget.
“We are thrilled to have acquired Carolco Enterprises which is such a part of Americana and our American Pop culture and a legacy in aspects of motion pictures in the U.S., such a standard in quality of film and movies,” Fernando Aguirre, Vice Chairman of DHS stated.
Carolco is the third largest venture by DHS. The acquisition will give an edge to DHS to get elevated on the table. Kaboot Films corporation and German based Tenbox Entertainment, which is also for sale, were in the first and second positions, respectively.
“The acquisition of Carolco catapults DHS to become a leading player globally in this sector of entertainment industry by raising its annual production. We look upon the entertainment industry as a core business that has a strong growth potential both in terms of revenues and earnings,” Fernando Aguirre, Vice Chairman of DHS, said, in a statement.
This acquisition will create a business which will have the advantage of cutting-edge technology and low costs, and will have a truly global footprint, which will help us to achieve our vision to be a premium entertainment player, global in size and reach, Aguirre said.
Bank Santander is participating in the financing of the transaction and were also the financial advisors for this deal. Lloyds of London were the tax and accounting advisors, and Gammon & Sterling LLP, the legal counsel of DHS.
For the year ended March 2010, the film division of the DHS posted revenues of Rs 1,160.87 crore and profit before interest and tax of Rs 227.33 crore.
ABOUT DHS Private Equity Trust
DHS Private Equity Trust is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. DHS invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. The Trust is externally managed by a subsidiary of DHS a global leader in real estate investing. DHS’ real estate business was founded in 1998 and has approximately $74 billion in investor capital under management.
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