4Kids Sells Yu-Gi-Oh!, CW Network-Related Assets Jointly to Konami, Kidsco
posted on by Crystalyn Hodgkins
The United States Bankruptcy Court in the Southern District of New York filed a document on Tuesday after a 10:00 a.m. EDT hearing granting the sale of 4Kids' Yu-Gi-Oh! and CW Network-related assets to a joint bid by Saban's Kidsco Media Ventures LLC and Konami's 4K Acquisition Corp.
During a June 5 auction for the assets, 4Kids considered the joint bid "after a number of rounds of competitive bidding" by Kidsco and 4K, and the three companies agreed to the joint bid on Sunday.
The executed Asset Purchase Agreement document filed on June 24 outlining the joint bid notes that the purchase price for the assets is "Fifteen Million One Hundred Thousand Dollars ($15,000,000)." A final document clarifying whether the purchase price is US$15 million or US$15.1 million has not yet been filed, although the document filed on June 24 mentions US$15 million in another section.
4Kids had filed a notice on June 15 proposing that KidsCo and Konami would divide the assets and obligations of 4Kids.
According to the executed Asset Purchase Agreement, Konami will receive the rights to the Yu-Gi-Oh! anime franchise, which includes — aside from All Production materials — internet domain names, website assets, print publications published by 4Kids, and music and sound recording rights. The company will also receive machinery and recording/editing equipment as well as office equipment, furniture, and computers located at 4Kids' 23rd Street offices in New York.
Kidsco will receive rights to the Dragon Ball Z agreement terms with Toei Animation and Funimation Productions that includes Dragon Ball Z Kai; the Cubix agreements with Daiwon C&A Holdings, Cinepix, and East Japan Marketing & Communications; the Sonic X agreement with TMS Entertainment; and The CW Network's Saturday Morning programming block agreement terms.
Konami is the Japanese licensor and distributor of the Yu-Gi-Oh! card game, while Saban once produced the Fox Kids programming block. (4Kids also once produced Fox's Saturday morning programming until 2008.)
Thanks to ravegrl for the news tip.
this article has been modified since it was originally posted; see change history