DHX Media acquiring Nerd Corp for up to $57 million in cash and stock
Nerd Corps Entertainment Inc. is being acquired by DHX Media Ltd. for up to $57 million in cash and stock.
Nerd Corp is one of Vancouver’s thriving digital media companies, with a large lineup of original cartoon series and over 400 employees. It was founded in 2002 by former Mainframe Entertainment producers Asaph Fipke and Chuck Johnson.
DHX Media will pay $32.7 million in cash and issue nearly three million shares to the owners of Nerd Corps – Asaph Fipke, Ken Faier and Chuck Johnson. No local jobs will go because of the sale, if anything the number of local employees is going to grow.
Fipke, who will be DHX’s chief content officer for kids and family, said that Nerd Corp was approached a couple of months ago by DHX Media.
“Right now there’s a lot of consolidation going on (in the digital media industry),”
“So there’s kicking at the tires. Quite honestly we weren’t looking to sell, but this just seemed like a perfect fit.”
“We are combining forces with the 270 people at the Vancouver DHX studios, which are primarily 2-D animation. We’re all 3-D, so I think it’s a great complement.
“So (there will be) lots more work. We’ll continue to do a nice mix of service work and our own DHX original content. Our intention is to keep the studios very, very busy.”
Nerd Corps is well known for producing the animated series Slugterra, Dragon Booster as well as Storm Hawks and League of Super Evil.
DHX Media, based in Halifax, owns shows such as Yo Gabba Gabba!, Caillou, Teletubbies, In the Night Garden, Inspector Gadget, and Johnny Test. The company recently acquired the Disney-affiliated Family channel in Canada from BCE Inc.
DHX Media chief executive Dana Landry told the Canadian Press:
“The animation capacity that this gives us strengthens our position. This is important in a time where content is extremely hot. All of our current studios are at capacity and we need the additional capacity and skill set.”