HOLLYWOOD, Calif., Nov. 4 -- Eastman Kodak Co. announced it has completed the acquisition of Laser-Pacific Media Corp., a Hollywood-based post-production company.
Laser-Pacific stockholders voted on Oct. 30 to approve the acquisition, which was previously announced on August 1. Kodak acquired the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling approximately $30.5 million, will be paid in cash. As of June 30, Laser-Pacific had $1.9 million in net debt.
Laser-Pacific will operate as a wholly owned subsidiary of Kodak, and will become a part of the company's Entertainment Imaging services group, headed by Bertrand Decoux, vice president and general manager. Emory Cohen, co-founder of Laser-Pacific, will lead the subsidiary as CEO.
Laser-Pacific was founded in 1990 and has earned six Emmy awards for engineering development. It provides post-production services for TV, home video and motion pictures, including film processing and transfer, editing, mastering, digital preview and DVD compression and authoring services. Laser-Pacific and Cinesite, Kodak's visual-effects and digital restoration and mastering subsidiary, will be the hub of Kodak's worldwide entertainment imaging services group.
For more information, visit: www.kodak.com