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Share Name | Share Symbol | Market | Type |
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El Arts Inc Dl 01 | TG:ERT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.16 | -0.84% | 136.42 | 135.98 | 136.84 | 138.00 | 134.76 | 135.02 | 855 | 22:50:15 |
RNS Number:3605L Entertainment Rights PLC 21 May 2003 21 May 2003 ENTERTAINMENT RIGHTS PLC Licensing Agreement Entertainment Rights Plc ("ER") announced today that it has been advised by Mattel Inc. that the agency agreement with Link Licensing Ltd (a wholly owned subsidiary of ER) for the representation of certain non-doll Barbie(R) licensed merchandise and publications in the UK will not be renewed beyond 31 December 2003. Mattel advised that as a result of a recent internal group restructuring, Mattel will be taking this activity in-house with effect from January 2004. Given the continued expansion of the ER Group, its focus on investing in its owned properties and the recent success of Basil Brush(R) and Postman Pat(R), the ER Board considers that the termination of the agency agreement with Mattel will not have a material impact on the future profitability of the ER Group. In addition, Link Licensing Ltd is entitled to a compensation payment on termination which is the equivalent of 1.5 times the average commissions retained by Link Licensing Ltd under the agency agreement during the 3 years immediately preceding its termination. Entertainment Rights Distribution Ltd will continue its representation of the Barbie(R) franchise through its long term television and home entertainment licensing agreements with Mattel. Total units sold to-date under ER management of the feature films BarbieTM in the Nutcracker and BarbieTM as Rapunzel exceed 5 million units with television sales to over 90 countries. In March 2003, ER and Mattel announced that ER had secured worldwide (excluding North America) television and video rights to the third successive BarbieTM movie, BarbieTM of Swan Lake which is currently scheduled for release in October 2003. Commenting, Mike Heap Entertainment Rights' Chief Executive said: "In light of Mattel's recent internal group restructuring, it is understandable that they have decided to take licensing and merchandising activities in-house consistent with their global operations. We enjoy an excellent long term partnership with Mattel and the highly successful BarbieTM television and video franchise distribution remains with us on long term contract. We look forward to continuing this success and our relationship with Mattel with the release of the third BarbieTM feature, BarbieTM of Swan Lake, later this year. Current trading within the Group continues in line with market expectations." Richard Dickson, Senior Vice President Worldwide Consumer Products of Mattel said: "Following our recent internal group restructure and in keeping with our global activities, we have decided to manage the UK licensed merchandise operations in-house. We are pleased to continue our partnership with Entertainment Rights on the BarbieTM television and video contracts, which have been hugely successful to date." Barbie(R) and associated trademarks are owned by and used under licence from Mattel Inc. (c) 2003 Mattel Inc. All Rights Reserved. Ends Enquiries Elizabeth Gaines Finance Director Entertainment Rights Plc Tel 020 8762 6200 Tim Spratt/Michelle Morton Financial Dynamics Tel 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END AGREAXSFAEKDEEE
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