Anime DVD specialist ADV closes doors
PHYSICAL: Distributor's assets sold to various other companies
By Susanne Ault -- Video Business, 9/1/2009
SEPT. 1 | PHYSICAL: Anime specialty supplier A.D. Vision Inc. has been dissolved, as different portions of the company have been acquired by multiple entities.
Aesir Holdings has purchased much of ADV’s film library and various license agreements, spanning more than 100 titles. Popular anime title Elfen Lied is included in this acquisition, the terms of which were not disclosed.
A new entity has been formed, Sxion 23 LLC (best known as Section23Films), to distribute Aesir titles. Section23Films will service to retail Aesir’s ADV library as well as horror catalog Switchblade Pictures and anime catalog Sentai Filmworks. Previously, ADV had been distributing Switchblade and Sentai product. Switchblade holds two-dozen titles, and Sentai contains about three-dozen titles, including well-known anime program Appleseed.
In additional transactions, Valkyrie Media Partners has purchased a 100% equity position in ADV’s TV unit, Anime Network. Also, ADV’s production division Amusement Park Media has been sold to Seraphim Studios LLC.
Terms for these deals also were not disclosed.
The shift of ADV product to different companies should not hurt retailers’ ability to merchandise the titles, Section23Films spokesman Chris Oarr said. He previously worked in a similar capacity for ADV.
“There may be some bumps in dealing with different phone numbers, but from a customer perspective, this should be seamless,” said Oarr.
ADV president/CEO John Ledford said the deal should please its lender and programming partners.
“We believe the actions we initiated and completed provided the same or more value to the company’s secured lender and its programming licensors while giving other key stakeholders such as employees and customers some potential value or the reasonable probability of realizing value,” said Ledford.
There have been earlier indications that ADV was struggling as an independent DVD supplier. In 2007, ADV was nearing a deal to distribute titles from anime label Geneon, but the two companies failed to come to terms. Navarre Corp.-owned label Funimation has since picked up distribution rights to Geneon.
Sources believe ADV’s assets sales, which were to neighboring companies in Houston, are an attempt to soften the financial blow while allowing the essence of the company to continue.
Cindy Spielvogel contributed
