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VALLEY AND VENTURA COUNTY BUSINESS | REGIONAL ROUNDUP

Image Entertainment Seeking to Buy Music Firm

December 03, 1996

Image Entertainment Inc., a Chatsworth licensee and distributor of laser discs, said it is negotiating with Englewood Cliffs, N.J.-based Essex Entertainment Inc. to acquire substantially all the assets of Essex's music business.

Essex is an independent music company that owns a classical music library and specializes in compilations. Sales in 1995 were $36 million.

If the deal is struck, the acquisition will be closed by the end of the year and Essex executives will be put in charge of a new Image subsidiary in charge of Essex's business.

The deal would be financed by a loan from Image Investors Co., principal stockholder of Image, owned and controlled by John W. Kluge and Stuart Subotnick.

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