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UK Businesses For SaleEntertainment Rights to sell off asset
16/06/2008
Entertainment Rights, the company behind Basil Brush and Postman Pat, is considering the sale of its American children's character assets, Big Idea, as it looks to reduce £107 million worth of debt.
Nick Phillips, the new chief executive of the business, believes that selling some of the less profitable areas of the group will enable the company to reduce its debt considerably. Big Idea, the company behind the children's show such as Veggie Tales, became part of Entertainment Rights through the acquisition of Classic Media in 2006. The move was an attempt to diversify beyond the pre-school market. Entertainment Rights has a market value of £51 million. Phillips, the former chairman and chief executive of Warner Music UK, was brought in three months ago to replace founder Mike Heap, who fell out with shareholders. Soon after, takeover talks with several firms failed as the offers came in below expectations. The Veggie Tales series has sold 52m DVDs and videos in America and is very popular in the Bible Belt. 
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