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Friday, October 24, 2003
 Cinram completes acquisition of DVD and CD manufacturing, physical distribution and related businesses from Time Warner
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Message Text: Cinram International announced today that it has completed its acquisition of Time Warner Inc.'s DVD and CD manufacturing and physical distribution businesses, together with certain related businesses, in the U.S. and Europe, for approximately $1.05 billion US in cash.

Initially announced on July 18, 2003, the transaction also includes exclusive long-term agreements to manufacture, print, package and physically distribute DVDs and CDs for Warner Home Video and Warner Music Group in North America and Europe, and for New Line Home Entertainment, Inc. in North America. Cinram has been a supplier to these entities in certain countries for over two decades.

Cinram is acquiring assets that include manufacturing facilities in Olyphant, PA and Commerce, CA, manufacturing and printing operations in Alsdorf, Germany, as well as related U.S. and European distribution facilities. The acquired businesses also include U.S.-based Ivy Hill Corp., a provider of DVD and CD packaging and printing services for Time Warner- affiliated companies and third parties, and Giant Merchandising, engaged in entertainment merchandising, retail licenses and private label marketing and distribution.

The purchase price was funded from banking facilities provided by a syndicate led by Citigroup and Merrill Lynch. The total amount of the facilities is $1.175 billion US, of which $150 million US is a revolving credit facility that is undrawn at this time.
 
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