TORONTO -- The Canada Pension Plan Investment Board plans to spend more than $288 million to acquire a 17.9 per cent stake in a film and television content distribution company.
The Board says it intends to acquire 52.9 million shares of Entertainment One Ltd. (eOne) from private British equity firm Marwyn Value Investors LP once regulatory approvals are in place.
Entertainment One specializes in the acquisition, production and distribution of film and television content, with more than 40,000 film and television titles in its portfolio.
The entertainment company, which purchased Canada's largest film distributor, Alliance Films, in 2012, boasts such titles as the "The Walking Dead" television series and "The Hunger Games" film franchise among the properties in its portfolio.
CPPIB managing director Scott Lawrence says they look forward to working with eOne "to help it achieve its ambitious growth plans of doubling in size within the next five years."
"EOne's management team has a proven track record of performance in the rapidly changing, dynamic entertainment industry (and) eOne is well-positioned to capitalize on both organic and acquisitive growth opportunities in its many lines of business."
In January 2016, eOne formed a partnership with The Mark Gordon Co. to create an independent studio to finance and produce film, network, cable and digital content.
Mark Gordon is a prolific producer whose TV hits include "Grey's Anatomy," "Criminal Minds," and "Ray Donovan," and whose film productions include "Speed," "The Day After Tomorrow" and "Saving Private Ryan."
The CPPIB invests funds not needed by the Canada Pension Plan to pay current benefits and had $268.6 billion worth of investments as of June 30.
