Eastman Kodak has acquiredthe Los Angeles-based Emmy Award-winning post-production company Laser-PacificMedia in a deal worth $30.5m.
Kodak will run the companyas a wholly owned subsidiary headed up by Laser Pacific president andco-founder Emory Cohen, who will report to Kodak's Entertainment Imagingproducts and services operation.
Laser-Pacific and Cinesite,Kodak's visual-effects and digital restoration and mastering subsidiary, will nowmake up the hub of Kodak's worldwide entertainment imaging services group ledby General Manager Bertrand Decoux.
Under the agreement, announcedon Friday, Kodak will acquire outstanding Laser Pacific shares at a cost of$4.22 per share. Payment will either be in Kodak stock or cash.
Since its inception in 1990,Laser Pacific has developed a wide range of post-production services for film,television and home video, winning six Emmys for outstanding achievement inengineering development.
"Our customers have been encouraging us to participate morebroadly in the services business," explained Eric Rodli, president of Kodak'sEntertainment Imaging products and services division and senior vice presidentof Eastman Kodak.
Rodli added the purchasesupported the company's growth strategy of developing digital technology in away that made it more useful to consumers.
"This is a natural alliance,"Cohen added. "Kodak's depth of technology and global brand presence, combinedwith Laser-Pacific's history of innovation, service and operationalefficiencies, will create a service organization poised to meet the expandingneeds of our industry."