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RWMI Enters into Binding LOI to Acquire Working Element
RegalWorks Media, an independent multimedia studio initially focused on feature film production, has entered into a binding Letter of Intent (“LOI”) to acquire transmedia production company, Working Element.
“Working Element brings revenue generating media assets that increase shareholder value,” RegalWorks chairman and CEO Dane West stated in the news release. “Their product management approach to transmedia production is a strong fit with our own model, a critical consideration as we add complementary assets and skillsets we can easily integrate. Expanding into video game and interactive media production augments our current focus of delivering feature films and is central to executing our transmedia strategy. When a great opportunity like Working Element comes along, it allows us to execute more elements of our core business strategy.”
Working Element has built a strong intellectual property portfolio through partnership agreements with global media companies such as MGM, Random House, and CBS. Among Working Element’s incredible 44-title portfolio is Brian Jacques’ fantasy novel series “Redwall,” which has sold more than 30 million copies worldwide, as well as digital and interactive rights to “Star Trek” and “Stargate”; others will be announced at a later date.
In 2013, Working Element completed development of the first two episodes of “Stargate SG-1: Unleashed.” Based on MGM’s “Stargate SG-1? series, the episodic adventure game for mobile devices reunites original cast members Richard Dean Anderson, Michael Shanks, Amanda Tapping, and Christopher Judge. Marketing campaigns for the episodes will begin following the closing of the acquisition by RegalWorks.
“The transaction with RegalWorks will bring us additional capital and expertise to seize the many business opportunities we have identified over the past several years,” said Darren Thomas, president of Working Element. “We could not be more excited about joining their team to accelerate the timing and maximize the revenue potential from each of our properties.”
The transaction is expected to close by March 2014. Terms of the deal were not disclosed.
For more information visit www.regalworks.com
