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Pentamedia Purchase of Film Roman in Jeopardy

April 07, 2001|MEG JAMES

Film Roman, a North Hollywood animation studio, notified the SEC on Friday that its $15-million deal to sell 60% of its stock to Pentamedia Graphics Ltd. of India is in jeopardy. The 17-year-old boutique studio animates "The Simpsons" for Fox television.

Film Roman directors Thursday rejected the terms of a newly structured deal proposed by Pentamedia of Chennai, India. A week earlier, Film Roman stockholders approved the sale of the ailing business that lost $2.6 million last year and $7.5 million in 1999.

Film Roman directors declined Friday to discuss the newly proposed terms that threatened to derail the deal. An April 13 deadline has been set to complete the transaction.

Film Roman Chief Executive John Hyde was not available for comment. In its SEC filing, the company said, "It appears Pentamedia is not prepared to close the transaction on the terms agreed to by the parties and approved by the company's stockholders."

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