Team picks Dandelion

Acquisition inked for $5 million in cash and securities

By ELIZABETH GUIDER

Team Communications, a fast-growing TV producer-distribbery, has inked a letter of intent to acquire Dandelion, a British film and TV distribbery, for $5 million in cash and securities.

The acquisition of Dandelion would give the NASDAQ-listed Team a sales and production office in Europe and a stronger foundation in the international programming arena.

Such a partnership would also enhance Team's library, boosting it to over 2500 hours and providing the company with a base to create EC-content fare.

Dandelion would become a divison of Team and its founder and CEO Noel Cronin would retain his existing position overseeing productions and acquisitions that carry the Dandelion name. Cronin would also become managing director of Team's European operations, with responsibilities for overseeing co-productions and expansion into Europe.

"As part of our corporate mandate to grow globally in both depth and breadth, we are pleased that a company with the prestige of Dandelion is the first acquisition as we establish our presense in the European community," Drew Levin, Team chairman and CEO, said.

Subject to the definitive agreement and due diligence, 50% of the acquisition cost is to be paid in cash over a two-year period and 50% is to be paid in Team common stock. The companies have set a deadline of 30 days to finalize the acquisition.