Kodak to Buy Laser-Pacific Media Corp

[undergroundrailroad]

Kodak to Buy Laser-Pacific Media Corp.


The Associated Press
Friday, August 1, 2003; 12:30 PM

HOLLYWOOD, Calif. –– Film giant Eastman Kodak Co. said Friday it agreed to buy Laser-Pacific Media Corp. for $30.5 million in an effort to establish a presence in the television post-production market.

The deal values post-production company Laser-Pacific at $4.22 a share, a 36.6 percent premium to Thursday's close of $3.09 a share on the Nasdaq Stock Market.

Shares of Hollywood-based Laser-Pacific were at $4.09 late Friday morning, up $1, or 32 percent, on heavy volume. The day's strongest level of $4.15 was a 52-week high, surpassing the prior high of $3.42 set July 14.

Kodak, which has yet to decide whether the purchase will be in cash or stock, said the deal also extends the company's digital services capabilities in the feature film market.