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Golden Books To Buy Family Entertainment Library From Broadway Video

July 31, 1996 GMT

NEW YORK (AP) _ Golden Books Family Entertainment, Inc. agreed Tuesday to pay $91 million for Broadway Video’s family entertainment library, which includes such titles as ``Frosty the Snowman″ and ``Lassie.″

Golden Books will create a new entertainment division to oversee the vast library, which has rights to about 3,000 characters, motion pictures and television programs.

The division will also focus on expanding the Golden Books brand, which is best known for its children’s books, into other multimedia ventures.

Under the deal, Broadway Video will get $81 million in cash and $10 million in Golden Books common stock. The deal is expected to close by October.

``Broadway Video Entertainment’s assets include some of the most recognizable children’s properties in the world,″ said Richard E. Snyder, chairman and chief executive of Golden Books.

``This important acquisition is a cornerstone of our strategy to build a leading entertainment company that provides content through multiple media.″

Broadway Video also holds the rights to ``Rudolph the Red-Nosed Reindeer,″ ``The Lone Ranger″ and ``Santa Clause Is Coming to Town.″

Broadway Video was founded by ``Saturday Night Live″ creator Lorne Michaels. It operates three divisions: Broadway Video Entertainment, Broadway Video Facilities and Broadway Video Interactive.