Empire Investment Holdings Acquires CSS Studios
NewsLast Updated: September 25, 2012 3:21 am GMT
(Miami, Florida--September 25, 2012) Empire Investment Holdings ("Empire") announced today that it has acquired CSS Studios, LLC (“CSS”), from Discovery Communications, Inc. (NASDAQ: DISCA). CSS Studios is a holding company that owns seven distinct businesses, which together comprise the largest independent postproduction sound company in North America.
Through this acquisition, Empire, a private investment firm focused on the acquisition and strategic management ofbusiness units from public and private corporations, adds notable postproduction facilities Todd-AO, Soundelux, Sound One, Modern Music, POP Sound, Soundelux Design Music Group and The Hollywood Edge to its global portfolio.
The CSS collection of businesses provide creative postproduction sound services to major motion picture studios, independent producers, broadcast networks, cable channels, advertising agencies and interactive producers. The businesses operate out of nine state-of-the-art facilities across Los Angeles and New York City, staffed by the industry’s top creative and technical talent.
The acquisition of CSS by Empire is part of a long-term strategic investment which aims to build value across the CSS brands and allow CSS to focus on the strategic direction of the company. “The Empire team understands and respects the importance of these companies to the creative community,” said David F. Alfonso, Empire's chairman and chief executive officer. “We intend to protect and enhance the company’s unique value proposition and creative leadership as the preferred destination for some of the most important filmmakers of our time.”
“Empire demonstrated a clear passion for the business and emerged as the right owner,” said Andrew Warren, chief financial officer at Discovery Communications.
“We look forward to partnering with the team at Empire, as we focus on continuing to build on the body of award winning work created by the best talent in the industry,” said Robert C. Rosenthal, president at CSS Studios.
"Our team is energized to begin working with the management team and the creative talent within each business," said Alfonso. "We will build upon the successes that the team of creative sound editorial and mixing talent has created over the years, while promoting an environment that will continue to set the standard and produce award winning results."
Empire engaged Ropes & Gray LLP, Lockton, RJC Group and Mr. J. Patrick (Rick) Michaels, Jr. from CEA Associates as its advisors for the transaction.
Peter J. Solomon Company acted as financial advisor and Proskauer Rose LLP acted as legal advisor to Discovery Communications.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused on the acquisition and strategic management of non-core business units from public and private companies. Empire has acquired business units from Fortune 500 companies such as; IKON Office Solutions, Teleflex, Leggett & Platt and Ahlstrom. Empire's portfolio is comprised of operating companies that serve thousands of customers worldwide with a global footprint and over 1,000 associates. For more information, please visit http://www.empireih.com.
About Discovery Communications
Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) is the world's #1 nonfiction media company reaching more than 1.8 billion cumulative subscribers in 209 countries and territories. Discovery is dedicated to satisfying curiosity through 149 worldwide television networks, led by Discovery Channel, TLC, Animal Planet, Science and Investigation Discovery, as well as U.S. joint venture networks OWN: Oprah Winfrey Network, The Hub and 3net, the first 24-hour 3D network. Discovery also is a leading provider of educational products and services to schools and owns and operates a diversified portfolio of digital media services, including Revision3. For more information, please visit http://www.discoverycommunications.com.
About CSS Studios, LLC
Hollywood, California-based CSS Studios® provides creative post production sound services to major motion picture studios, independent producers, broadcast networks, cable channels, advertising agencies and interactive producers. The services of CSS Studios are marketed under the brand names Todd-AO®, Sound One, Soundelux®, POP Sound®, Modern Music, Soundelux Design Music Group and The Hollywood Edge, with facilities in Los Angeles and New York. With more than 50 years of experience in providing creative sound services and technical solutions, the companies, collectively, have garnered more than 50 Academy Award nominations and won 26 Academy Awards®. For more information, visit http://www.css-studios.com.