Producer and distributor Image Entertainment is being sold to an investor group led by film financier David Bergstein, in a deal valued at approximately $132 million. Image has has a catalog of 3,000 DVDs -- a lot of it genre movies, TV specials, music videos and straight-to-video stuff -- and on the higher end distributes The Criterion Collection. Bergstein and his partners bought Britain's Capitol Films in 2005 and North American distributor Thinkfilm in 2006. This deal gives him strong retail output for his film ventures.
Image stockholders will receive $4.40 per share in cash. 38% of stockholders have agreed to vote in favor of the transaction, Image said. Lionsgate, which tried to buy the company several times, holds about 19% of the company, but wasn't talking Friday. Indications are the company will stay under current management. Bergstein's handout quote said: "Image's executive management team has built a first-rate company, and we are pleased to be able to provide a strong cash price to the Image stockholders and maintain Image as the leading independent home entertainment distributor."