Newark N.J., December 11, 2003 – IDT Entertainment today announced that it has completed its purchase of Anchor Bay Entertainment Group, from Handleman Company. Anchor Bay is an independent home video company that licenses, markets and distributes a vast collection of films, television shows and direct-to-video programming for home entertainment through mass merchants and specialty stores. Anchor Bay will become an operating unit of IDT Entertainment, a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.
Anchor Bay has many established long-term arrangements and utilizes a library of more than 3,500 owned or licensed titles. The company is known for its popular assortment of video collections and titles in a variety of genres, including: children’s (the Thomas The Tank Engine series); fitness (where the company’s leading industry position includes titles such as the Crunch series and the For Dummies series); horror (films and series such as Halloween, The Evil Dead, Hellraiser and Dawn Of The Dead); television (Highlander, Xena, Hercules, and Three’s Company); and theatrical.
In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of computer generated (CG) animation entertainment. In December 2003, IDT Entertainment acquired a controlling interest in Mainframe Entertainment Inc., a Vancouver, Canada based entertainment company well known for producing CG animation for films, television, videogames and the direct-to-consumer market.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and (with the Anchor Bay acquisition) distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, brochure distribution and new video technologies. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary focused on providing broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers. Liberty Media Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes in IDT Entertainment and IDT Media.
IDT Corporation’s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 are used. While these forward-looking statements represent IDT’s current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in IDT’s most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K and other filings IDT may make with the SEC.