MUMBAI: Turner Broadcasting System (TBS) Europe has acquired Latibaer, the Icelandic entity which owns and operates the LazyTown brand.

The announcement comes with an immediate commitment to produce a new series of the Icelandic kids TV series.

Under the terms of the deal, LazyTown‘s creator and star Magnus Scheving remains CEO of Latibaer and retains his management team, and the series production stays in Iceland.

The investment in LazyTown in particular signals the company‘s growing ambitions in the preschool space, given the synergies that LazyTown presents for the company‘s existing Cartoonito and Boomerang franchises.
 
The announcement follows Turner‘s consolidated preschool expansion across Europe Middle East and Africa, with the roll out of its preschool channel Cartoonito across the region on 5 September 2011.

TBS Europe president Jeff Kupsky said, "With the great fit between our existing assets in the pre-school genre, and the retention of the unique talent that is Magnus Scheving, we‘re ready to expand the LazyTown brand and will immediately be starting production on a new series. This will be supported by Turner‘s successful 360 franchise management approach which will include consumer products and digital
extensions."

Latibaer CEO Magnus Scheving added, "We‘re delighted to have Turner on board and believe that the fit is an ideal one for us, Turner being one of the world‘s leading broadcast companies. We look forward to a bringing the LazyTown message of helping motivate children to lead a healthy lifestyle to a whole new audience of Turner viewers."