News ADV Films Shuts Down, Parent Transfers Assets to Other Companies (Update 4)
posted on 2009-09-01 13:44 EDT
A.D. Vision, the parent company of ADV Films, has announced that it is shutting down after transfering its assets to several other companies that will continue its operations. AEsir Holdings has acquired selected programming from ADV's film library along with other intellectual property. The SXION 23 (Section23 Films) home video distribution company will assume account servicing and distribution operations for AEsir's assets. Valkyrie Media Partners has acquired 100% of ADV's Anime Network television unit, while Seraphim Studios has acquired ADV's Amusement Park Media production unit.
Former ADV Films staffer Chris Oarr has notified ANN that several former staffers have been hired by SXION 23 and the other companies.
Update: All of the new companies are officially based in Houston, the home of A.D. Vision. SXION 23's business filing was dated on May 20, while AEsir Holdings, Valkyrie Media Partners, and Seraphim Studios were filed eight days later on May 28. SXION 23, Valkyrie Media Partners, and Seraphim Studios share the same address in western Houston, 8 miles (13 kilometers) from A.D. Vision. Sentai Filmworks, another business entity for which A.D. Vision and Amusement Park Media handled distribution and production, is also located in western Houston.
Update 2: SXION 23, Valkyrie Media Partners, and Seraphim Studio are filed under Griffin D. Vance IV's name. Griffin Vance was A.D. Vision's former Senior Vice-President of Business and Legal Affairs, but he now operates his own law practice. Vance's law firm shares the same postal address as SXION 23, Valkyrie Media Partners, and Seraphim Studio.
Update 3: The Anime Network confirms that, since it "has always been a separate entity from ADV," it will continue to operate.
Update 4: According to Anime Corner Store owner Robert Brown, former ADV Films Senior Vice President of Sales and Marketing Mike Bailiff will now head up Sales and Marketing at SXION 23 (Section 23). Brown reports that SXION 23 has all of ADV's former licenses and most of its staff, but not ADV's former owner John Ledford. SXION 23 will continue to distribute the current orders and future pre-orders that ADV used to fulfill, without changing their schedules.
Update 5: Video Business News posted an article on A.D. Vision. Thanks, Chris Reid.
this article has been modified since it was originally posted; see change history