MUMBAI: The Fireworks International library, which includes TV series such as Zoe Busiek, Wildcard and Andromeda and the feature films Rat Race and Rules of Engagement, has been sold to the London-based firm ContentFilm International for $29 million in cash.

In India Zoe Busiek and Wildcard air on Star World.
 

ContentFilm states that this is the first significant step in the execution of its revised corporate strategy and the growth of its asset base. The Fireworks Library consists of over 280 titles of quality television and film programming with cumulative sales to date of over US$300
million.

The acquisition will be financed with new debt from Contentfilm's current senior lender JP Morgan Chase and a new financial partner Octagon Holdings, a New York based investment fund, subject to completion of binding documentation.
 
 

ContentFilm chairman Alton Irby said, "When ContentFilm came to the London market in March 2004, we said that we would be looking for corporate initiatives aimed at growth and stabilisation, and in particular for the acquisition of film libraries. Our intention is to improve
our core business, and to achieve enough scale to get maximum value from our assets and operations. The acquisition of the Fireworks Library is a significant step towards those long term goals."

The agreement is subject to shareholder approval, with an extraordinary general meeting planned for June. The deal is expected to close on 15 June 2005. ContentFilm specialises in film production, sales and finance. Its catalogue includes The Cooler for which Alec Baldwin earned an Oscar nomination, The King with Mexican sensation Gael Garcia Bernal, The Crow with the late Brandon Lee and Brian de Palma's Sisters.