Cinemax Pictures & Production Co. Int’l. Inc. has signed a letter of intent to purchase Waggaworld Entertainment Int’l Inc. and its animated property, Waggaworld. The company and its holdings will be sold for cash, shares, exchange of shares or a combination thereof. The deal will also give Cinemax control of the hardware and software technology used to make the CG project, which is being developed for television and multi-platform applications.
Under the agreement, Cinemax Pictures will acquire an equal share of all rights, trademarks and copyrights to Waggaworld, which is being produced in HD for pre-tween and tween audiences. The companies will also share equally in the ancillary marketing rights for the series and online components, as well as revenue from video games and character licensing.
‘The cost effective animation style and completed technological aspects of the project will make this an interesting addition to Cinemax Pictures,’ says CEO Constantine Papadopoulos. ‘The creators spent a considerable amount of time, money and energy developing the characters, storylines, animation and the interactive media designs behind the multi-platform placement potentials of Waggaworld.’
Waggaworld has completed a story bible for the series, and 13 initial scripts will be written with a goal of delivering episodes to networks in the fall of 2008. Terms of the acquisition will be announced a later date after finalizing due diligence. For information about Waggaworld, go to www.waggaworld.com.
