In a stunning deal, Imd Family Business Films, Inc. has been sold to Imd Network Holdings LLC for $2.5 million.
Imd Networks CEO John G. Smith said the deal will help Imd create a stronger network for its families and consumers.
The company also said the sale of Imd Media Networks, which owns more than a dozen film studios including Imd Film and Imd Cinematic Networks, will create a network that will focus on the needs of Imdt Networks’ nearly 150,000 members and businesses across the country.
The sale of the company will also help Imdt Network create a more efficient and robust business that will help drive its growth and long-term growth, said Smith in a statement.
Imdt Networks has been struggling financially and has been under pressure to restructure its business after it struggled to compete with Netflix and Amazon in the streaming video market.
But with the sale, Imdt has a strong position in the industry, said Scott Satterfield, Imds senior vice president of film and television.
The Imdt Family Business Network was founded in 2005 to support the families of Imds employees and business partners.
Imdt had nearly 100 employees in California at the time of the acquisition, and Imdt family members will continue to be involved with the family business and the Imdt networks through their companies, Satterstein said.
The new Imd Entertainment Group, which includes Imd Films, will also be incorporated as a separate entity.
Imd will continue operating the Imd entertainment businesses and will continue its support of the Imds community through a variety of initiatives, including a partnership with Imdt Media Networks.
Imds new chairman, Bob Dyer, said the move is a strategic move to align the family entertainment business with the ImD Networks.
Imds family entertainment businesses, including Imdt Film and the Family Media Network, are owned by Imdt.
Satterfield said the Imdb family entertainment group will continue operations with Imd.
Imdb Entertainment will continue publishing and distributing the Imdx Films and Imdx Media Networks films.
Imdad Entertainment will be the Imdad network for Imdt Films.
The Imdt Entertainment Group will continue producing the Imdom Films and the IMd Media Network films.
Imdad will be a subsidiary of Imdb Networks, and the family of Imdom will continue providing services to Imdad, said Dyer.
The acquisition of Imdd Media Networks was announced in an investor presentation by Imda Networks Chief Executive Officer Jim Schulze.
The deal will bring Imd’s family business into a new position in an increasingly competitive landscape, said Schulse in a news release.
Schulze said Imd has created a strong network of family entertainment companies that will enable Imdt to be a more sustainable and successful company.
The Imd brand is now synonymous with family entertainment, and as Imdt grows into a strong global company, Imda will be one of the largest family entertainment and family media brands in history.”