Canada's DHX Media to buy Cookie Jar Entertainment
(Reuters) - DHX Media Ltd, which produces entertainment shows for kids, said it will buy privately held Cookie Jar Entertainment for C$46 million ($46.6 million) in cash and stock to help it expand its content library by more than three times.
Shares of DHX, whose shows include Franny's Feet, Animal Mechanicals and Kid vs Kat, jumped 23.68 percent to C$1.41 on Monday on the Toronto Stock Exchange.
DHX will pay Cookie Jar 36 million shares, C$5 million in cash and assume debt of C$66 million.
The acquisition will make DHX the largest Canadian children's entertainment company with more than 8,550 half-hour episodes of several shows, the company said.
DHX will own Cookie Jar's weekend morning block on CBS called Cookie Jar TV, and shows like Caillou, Inspector Gadget and The Doodlebops on deal closing.
"There is an insatiable appetite for kids content in the new digital streaming universe ..." said Cookie Jar chief executive Michael Hirsh.
Canaccord Genuity Corp advised DHX on the deal.
($1 = 0.9883 Canadian dollars)
(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Sriraj Kalluvila)
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