'Peppa Pig' rolling in it, as cartoon's Canadian TV producers raise €330m in ISE bond offering
Published 14/08/2016 | 02:30
The Irish Stock Market is playing a supporting role in keeping Peppa Pig in the pink.
Canadian-based TV giant Entertainment One, which owns the rights to the popular children's cartoon character, has sourced stg£285m (€331m) in funding from an Irish Stock Market bond listing to help it "repay the company's existing credit facilities, pay fees and expenses, and for general corporate purposes", according to filings.
The bond issue, which listed on the ISE on May 12 this year, matures in 2022, and carries a 6.875 coupon rate.
Peppa Pig - Canada's biggest export since Justin Bieber - continues to bring home the bacon for the listed company that rejected a takeover bid from ITV last week.
ITV offered 236p a share for Entertainment One, valuing the firm at more than £1bn.
But the Canada-based film distribution and TV production company said the bid "fundamentally undervalues the company and its prospects".
Meanwhile, other Canadian money has come on board for an Irish animation project.
Cartoon Saloon, the Kilkenny-based animation studio behind Oscar nominated films The Secret of Kells and Song of the Sea, has recently secured financing from Aver Media Finance - an arm of the Bank of Montreal - to greenlight production on its latest feature film, The Breadwinner. It has also secured funding from Canada's Guru Studios.
The film, which is backed by Angelina Jolie's production firm, is based on the award-winning young adult novel of the same name by Canadian author, Deborah Ellis. The film, which is set for completion next summer, received €750,000 in Irish Film Board funding.
More Canadian money will be made available to would-be Irish TV programme makers from November under a new scheme.
The Broadcasting Authority of Ireland is currently taking applications for a €150,000 kickstarter fund for TV projects that is co-founded by the Canada Media Fund. The Canada-Ireland Co-development Incentive enables programme-makers to tap into project funding at the ideas stage.
Sunday Indo Business