EM.TV to sell 49.9% of Henson to Dean Valentine

[Luke]

Originally posted by sidcrowe
Doesn't matter; it's a screwy 49% buyout, which was something NONE of us was predicting

Actually a few articles stated that EMTV were looking for a co-partnership if they could get it. I thought maybe the Henson management might have offered a deal if that were the case but maybe not.

The main thing here is that this is NOT a final sale just yet - it's like someone has nearly bought half the Henson Company, and probably will, but it's not like it's signed and sealed ..... stuff happens. The headlines make it look a bit decieving - it's a letter of intent that has been publicly announced.

 

[Chilly Down]

I feel... I feel... I'm not sure what I feel.

I never expected a 50% buyout. Does this really change anything at all? I hope Valentine was responsible for UPN during one of its successful periods.

I'm not worried about the "Kermit and the Muppets" statement. Kermit is the head of the Muppets, the way Mickey is the head of the Disney characters and Bugs Bunny is the head of the Warner Bros. characters. That's all he meant. C'mon, folks, haven't we been complaining for years that Kermit hasn't gotten *enough* exposure?

What worries me more is his idea about direct-to-video stuff. That screams "low quality" to me. I think of the glut of Disney video sequels. I haven't seen Kermit's Swamp Years yet, but if it's like how I think it is, then I shudder to think of all of the Muppet product being like that. (Direct to video also screams "educational" and "preschool." Let's hope not.)

I hope Luke is right and that they continue to explore TV-movies and the Fox deal for the time being. I think whatever comes from that will be far more interesting.

I have a friend who dislikes most recent TMS stuff, but even he is saying the time is ripe for the Muppets to hit the nostalgia boom. Let's hope their new owners don't blow it.

I was hoping for closure in the new year. A half-and-half deal feels like anything but. Oh, well, life goes on. Cory has a good point -- we can't control the fact that the Muppets are owned by Bitterman -- whoops, I mean EM.TV. What I can control is focusing on the fact it's Christmas Eve, that we just got a light coat of snow on the ground, and that I'm going to spend tomorrow with friends and family and my new Back to the Future DVDs.

Enjoy the holidays, folks.

 

[beaker]

Originally posted by Chilly Down
Cory has a good point -- we can't control the fact that the Muppets are owned by Bitterman -- whoops, I mean EM.TV. What I can control is focusing on the fact it's Christmas Eve, that we just got a light coat of snow on the ground, and that I'm going to spend tomorrow with friends and family and my new Back to the Future DVDs.

Enjoy the holidays, folks.

Heh, I forgot about Bitterman! VERY good analogy Tom...I think we should just refer to EM.TV as Miss Bitterman. Yep, it's Christmas Eve and Bitterman just pulled one over on us and the Muppets. *sigh*

Speaking of Back To The Future dvds(which I need to get)
I myself plan on trying to 'go back to the future'. Yeah that's right...let's face it, the future is the 80's but in a new light.
I plan on getting my nice dress shirt and skinny tie pretty soon.
(see, and ya guys think Im kidding...but Im not) Weve seen the 90's linger on too much, and weve seen girls wear 70's era pants for too long. It's time for a futuristic take on the glorious 80's.
A new Ninja turtles and Muppet Show on Fox, a new Terminator film, 80's influenced pop music, the return of fantasy films, new versions of old school classic video games, oh yes friends...

 

[murgatoad]

Well, it may not be a done deal yet. This excerpt is from the Variety report:

"The race to bid on Henson had intensified in recent weeks, as observers waited to see whether the Walt Disney Co. would step up and make a play for Kermit, Miss Piggy and company. At one point, Disney was apparently interested in making a $135 million bid for Henson.

But it's believed now that Disney never came across with a formal offer.

While the Valentine/Europlay bid has risen to the head of the pack, bankers running EM.TV's auction have also signed letters of intent with a number of other potential bidders, including a Haim Saban-led group (partnered with investment firm Evercore), which made a cash bid of an estimated $127.5 million.

New York-based children's entertainment licensor Classic Media is also believed to have secured a letter of intent at one point.

Should negotiations result in an agreement between EM.TV and the Valentine/Europlay group, the parties hope to have a sale in place sometime in January.

EM.TV has a little more breathing room now that lenders have given the company another 30 days to complete a debt payment. EM.TV needed to conclude the auction by the end of the year in order to cover the $65 million loan."


The rest of the article is a rehash of the AP article and also contains a lot of self-delusioned speculation by Valentine. Methinks he has a severe reality check coming in the months/years ahead...

 

[EmmyMik]

Originally posted by MuppetQuilter
Can I have a swanky corner office with a window?

And do you offer on-sight daycare?

Sure, you can have the nifty office.

As for the daycare... Right now it's nothing more than a heaping plate of cookies and a big screen tv that plays plent of Muppety things (although I think this will attract those who are over 2 feet tall as well)...

 

[Luke]

Murgatoad

All of the main bidders signed letters of intent that got them into the final round - Saban, Valentine, Classic Media and Entertainment Rights. Henson/EMTV didn't have to sign letters of intent - it was those companies that had to declare they were interested in making a serious offer on JHC. Then i guess EMTV explored all the options and decided on the one that let them keep a 50% share. It's then EMTV sign a letter of intent with the single bidder they want to proceed with saying along the lines that they intend to sell to Valentine if the terms are right and the moneys there. That puts the wheels in motion for the final contract to be drawn up, and for Valentine to go out and secure the funding from their backers. The articles don't say whether EMTV has granted Valentine an exclusive window where they only negotiate with him but i guess they've done that for him to make such public announcements. This is what Saban was trying to get until EMTV got fed up with him in late November and looked elsewhere, and also what (reportedly) Disney may have wanted if it was thinking of jumping in.

I think you (Murgatoad) are totally right that Disney decided not to make a bid at all, and this was really going to be the case all along. As far as i'm aware it wasn't last minute although they may have made noises incase they wanted 'in' on the bidding. It kinda makes a mockery out of some things that have been reported though.

 

[Twiddlebug]

EM TV saleEtc perhaps I don't know.

Hmm, I like the way when I want to know what is going on with the Henson Company all I have to do is come to Muppet Central and there it is all laid out for me with a full spectrum of opinions and everything.After reading most of the posts concerning this "sale", I think the best idea is to look at it as if it were one of those 8 Ball fortune tellers and wait for the answer to float to the top. So far none of my searches have brought up anything about Mr Valentine, but I'll keep trying.

Meanwhile I hope all your debts are paid up and that you sail into the New Year optimistically looking forward to a Healthy Happy Year of Peace and positivity.

 

[frogboy4]

Longterm: I don't like it

Sure, the Fox deal and Palisades' figures are safe for now, but the long term issue of having two Swedish Chef's in the kitchen may prove to be a problem. I see power struggles etc and the frog getting caught in the middle.

And, about the EMTV press release - since when do we believe anything they say? These are the folks who pulled an Enron before Enron did. They lied to their stockholders and have are still being investigated.

About Disney - I'm sure their were no official offers made. That's how they work. If there were any such offer, the headlines would be "Disney Loses Henson Bid!" They have chosen to be wise and sit back. I am sure they are not interested in part-ownership of the Muppets. I still have bad feelings about any sort of Disney ownership, but I don't think the issue is over. It may take another decade, but I just have that strong feeling.

Does anybody else hate the term "family entertainment"? I sure do. It makes me think of the "family values" Republican platform of stale passe ideology of getting rid of anything interesting and replacing it with boring sludge that no one likes. That's a hot button term with me. I'm worried about the dumbing down of the Muppets. I liked the Muppet special. I know some didn't like them being "edgy", but I don't see it that way. I just think some fans don't like the term. There really wasn't anything too different about them except that they kind of went back to their roots in a modern day setting.

I am just in watch-and-wait mode. I hope this turns out to be a good thing for the Muppets. That's all I really care about. I could care less who owns them as long as the product is good and the heart is still intact.

 

[beaker]

Re: Longterm: I don't like it

Originally posted by frogboy4
I'm worried about the dumbing down of the Muppets. I liked the Muppet special. I know some didn't like them being "edgy", but I don't see it that way. I just think some fans don't like the term. There really wasn't anything too different about them except that they kind of went back to their roots in a modern day setting.

Hey, what fan does'nt want the Muppets to be 'edgy'? By definition they have been on the cutting edge for half a century. But in reference to VMC...then perhaps I could see fans not exactly wanting the more rsique direction. I however have a different version of what edgy is, and it has nothing to do with flavor of the month pop references

Anyways, good to hear your thoughts Jamie...I myself am vehemntly opposed to the term 'Family Entertainment', as that pretty much sets us back a decade.

What do I think of this news...not exactly the xmas present I was hoping for. "49.9"%?...leave it to Bitterman to wiggle that one out. My hope is that something falls through and a total buyout insues with more than just 'a letter of intent'.

Just because you are the high bidder on an ebay auction doesnt mean you actually own it til you pay for it.

 

[Luke]

Re: Longterm: I don't like it

Originally posted by frogboy4
About Disney - I'm sure their were no official offers made. That's how they work. If there were any such offer, the headlines would be "Disney Loses Henson Bid!" They have chosen to be wise and sit back. I am sure they are not interested in part-ownership of the Muppets. I still have bad feelings about any sort of Disney ownership, but I don't think the issue is over. It may take another decade, but I just have that strong feeling.

Yeah i agree, but if some people with alleged highly placed sources are to be believed, they were all but planning whereabouts Eisner and Rivkin would stand at Disneyland to announce the big sale news. I just think their interest was way over stated to sensationalise and hype things, it looks like they took a discrete look around and said no thank you. Obviously they weren't going to offer a partnership but i think EMTV would have sold completely to Disney if there was an offer made in the region of 138 million. I agree their time may well come, but i think buying Henson would have been too icky a situation for now - they have their own problems, would have had Henson's problems, and then as you say there's all the Enron style business being heard in court that will drag up the Muppet name pretty soon. I think you are right about a co-partnership leading to internal struggles later on, i don't think EMTV can be trusted to leave things alone.