IDT Entertainment and Archie Comics Entertainment, LLC today announced IDT Entertainment’s acquisition of a five per cent (5%) equity interest in Archie Comics Entertainment, LLC. The agreement provides IDT the rights to co-develop and co-produce select animated properties based upon Archie Comics Entertainment characters. IDT Entertainment is a subsidiary of IDT Corporation (NYSE:IDT, IDT.C) a multinational carrier, telephone and technology company. Archie Comics Entertainment LLC is the entertainment and licensing arm of Archie Comic Publications Inc.
The Archie Comics Entertainment character properties include: Archie, Jughead, Veronica, Betty and their Riverdale friends, Sabrina the Teenage Witch, Josie and the Pussycats, Katy Keene, Cheryl Blossom, as well as super hero properties from the Mighty Crusaders library.
“Sit back, relax and get ready to laugh – The best of the Archie Comics characters will be animated for your viewing pleasure,” said Jim Courter, IDT’s CEO. “Archie Comics characters will be joining X-Men and Spiderman, other comic book heroes that IDT Entertainment is animating for television and direct to DVD distribution.”
IDT Entertainment intends to immediately start development on several projects based on Archie Comics characters. Plans include the creation of direct to DVD programming that may be distributed through Anchor Bay, IDT Entertainment’s distribution division, as well as possible feature film production.
“For over 60 years Archie Comics characters have provided the public with the best in family friendly entertainment,” said Morris Berger, CEO of IDT Entertainment. “This is a brand that has stood the test of time. We’re excited to be working with Archie Comics Entertainment to produce animated programming for their loyal audience and to introduce their wonderful characters to a whole new generation of fans.”
“The last year has proven to be a time of tremendous growth for both Archie Comics Entertainment, LLC and IDT Entertainment, which has gained industry-wide recognition for its distinctive and innovative approach to worldwide animation,” said, Allan I. Grafman, President of Archie Comics Entertainment. “IDT’s commitment to wholesome, fun, animated programming is our ‘sweet spot.’ IDT’s strategy, family orientation, management and staff are in perfect ‘sync’ with Archie Comics Entertainment. We look forward to the limitless synergistic opportunities that will be generated by our association.”
Source: IDT Corporation