| Toshiba Acquires Amuse Pictures|
29 January, 2003
Tokyo--Toshiba announced that it would acquire Amuse Pictures, Inc. from its parent company, Amuse Inc. Under the terms of a memorandum of understanding signed by two companies, Toshiba will acquire 67% of Amuse Pictures' shares on April 1 this year and the remaining 33% on October 1. Toshiba and Amuse Inc. will continue to discuss final terms and conditions on the basis of the agreement.
Amuse Pictures was founded in 1990 as Amuse Video, Inc. Since then it has firmly established itself as one of Japan's leading independent film producers and distributors, and enjoyed a series of box-office successes. Recent hits include the success of Korean films such as "Shiri" (2000) and "JSA" (2001), and "Resident Evil" (2002), the company's single biggest hit, which took in more than 2.5 billion yen at the box office.
Toshiba and Amuse Pictures already work together in the distribution of films in the Japanese market since 2001, through distribution of films sourced from overseas. So far, they have brought a total of 26 movies to Japanese theaters. The companies also work together in the distribution of films on DVD, through Toshiba Digital Frontiers Inc., a Toshiba wholly owned subsidiary.
Toshiba will reinforce its presence in the film distribution business through the acquisition of Amuse Pictures, and targets initial sales of 10 billion yen a year as it further expands in the business.
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