Four Media to Buy Pacific Ocean Post
Continuing the consolidation in special effects and production services, Santa Monica-based Pacific Ocean Post said Wednesday that it will be acquired by Four Media Co. of Burbank.
Four Media is listed on Nasdaq, and POP is privately held; the sale price is expected to be announced in public filings in early 1998.
Four Media Chairman Robert T. Walston said in an interview that the price is more than $20 million. POP reported unaudited revenue of $32.5 million for 1996.
POP President Alan Kozlowski--who founded the company with his wife, Sandra Hay, 12 years ago in their garage--said that for the last few years he has been seeking an investor to provide long-term financial stability and free him to concentrate on the creative side. POP employs roughly 300 people.
“This is not a function of weakness; our revenues are up 25% over last year,†said Kozlowski, whose firm has worked on numerous commercials in addition to such films as “Independence Day.†“This allows me to ensure our success without having to be an investment banker.â€
Four Media shares rose 50 cents to close at $8.75 on Nasdaq.
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