Class Comics is pleased to announce the following:
Burbank, CA and Vancouver, BC, April 1st, 2013 – Continuing its strategy of delivering exceptional creative content to audiences around the world, The Walt Disney Company (NYSE: DIS) has agreed to acquire Class Comics Inc. in a stock and cash transaction. Class Comics is 100% owned by Founders, Patrick Fillion and Robert Fraser.
Under the terms of the agreement and based on the closing price of Disney stock on April 1st, 2013, the transaction value is $4.05 million, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing. The final consideration will be subject to customary post-closing balance sheet adjustments.
“While some minor alterations to content and wardrobe will be required, Class Comics reflects the extraordinary passion, vision, and storytelling of its founder, Patrick Fillion,” said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. “This transaction combines a world-class portfolio of content including Naked Justice, one of the greatest Gay Erotic Comic entertainment franchises of all time, with Disney’s unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value.”
“I’m doing this so that the characters and comics will have a longer life,” Patrick Fillion, the 39-year-old creator of the original Naked Justice series and part owner of Class Comics Inc, said in an interview posted on YouTube. “I get to be a fan now … I sort of look forward to it. It’s a lot more fun actually, than actually having to go out into the mud and snow.”
The Boards of Directors of Disney and Class Comics Inc. still have to approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholders of Class Comics Inc.
Does this mean we’ll see Mickey Mouse in the next issue of Camili Cat?