Starbreeze AB, an independent creator, publisher and distributor of high quality entertainment products, today announced its acquisition of the majority interest in US company Payday Productions LLC, a movie SPV company in Nevada, for a consideration of 330,000 USD (approximately 2.73 MSEK) in cash.
Previously, Bo Andersson Klint, CEO of Starbreeze, and Ulf Andersson, a former creative director of Starbreeze, have agreed to transfer their direct and indirect minority interests in Payday Productions LLC to Starbreeze without remuneration, subject to Starbreeze acquiring the external majority.
After the transaction, Payday Productions LLC becomes a wholly owned subsidiary within the Starbreeze Group subject to a long-term agreement being concluded in line with movie industry practice. Starbreeze expects to complete the long-term agreement and consume the acquisition during July 2015.
After the Payday Productions LLC acquisition, there will no longer be any significant immaterial property rights relating to the Payday franchise that is not held exclusively by the Starbreeze group.