Beyond International snaps up a bargain from Destra rubble
Wednesday, February 25, 2009/
Film and television production group Beyond International has acquired DVD distribution company Magna Pacific for $4.3 million from the receivers of collapsed media and marketing group Destra Corporation.
Beyond International, which produces television programs such as Mythbusters, Hot Property and Best Backyards, says it acquired the group to expand its presence in the entertainment sectors of Australia and New Zealand.
Magna Pacific holds the DVD distribution rights for television programs including American Chopper, Crocodile Hunter, The Civil War, Third Rock from the Sun, Wire in the Blood and A Country Practice.
Beyond International, which develops programming for both the Australian and US markets, is expected to release its first-half earnings by the end of the week.
Beyond said in a statement that the current management at Magna Pacific will be retained, while it expects to provide full guidance figures for the 2008-09 financial year soon.